MARCH 2001

FI NAN CIAL OP ER A TIONS

PRO FILE OF THE ECON OMY

Anal y sis.—Sum mary of eco nomic in di ca tors ............................................................... 3

FED ERAL FIS CAL OP ER A TIONS

In tro duc tion: Fed eral fis cal op er a tions..................................................................... 9

Anal y sis.—Bud get re sults and fi nanc ing of the U.S. Gov ern ment and first-quarter re ceipts by source ..................10

FFO-A.—Chart: Monthly re ceipts and out lays ............................................................. 12

FFO-B.—Chart: Bud get re ceipts by source................................................................12

FFO-1.—Sum mary of fis cal op er a tions ................................................................... 13

FFO-2.—On-budget and off-budget re ceipts by source....................................................... 14

FFO-3.—On-budget and off-budget out lays by agency....................................................... 16

FFO-4.—Sum mary of U.S. Gov ern ment re ceipts by source and out lays by agency, 

 De cem ber 2000 and other pe ri ods ............................................................... 18

AC COUNT OF THE U.S. TREA SURY

In tro duc tion: Source and avail abil ity of the bal ance in the ac count of the U.S. Trea sury ............................. 19

UST-1.—El e ments of changes in Fed eral Re serve and tax and loan note ac count bal ances........................... 19

FED ERAL DEBT

In tro duc tion: Fed eral debt ............................................................................. 21

FD-1.—Sum mary of Fed eral debt ....................................................................... 22

FD-2.—In ter est-bearing pub lic debt ..................................................................... 23

FD-3.—Gov ern ment ac count se ries......................................................................24

FD-4.—In ter est-bearing se cu ri ties is sued by Gov ern ment agen cies ............................................. 25

FD-5.—Ma tu rity dis tri bu tion and av er age length of mar ket able in ter est-bearing pub lic debt held by pri vate in ves tors .... 26

FD-6.—Debt sub ject to stat u tory lim i ta tion................................................................26

FD-7.—Trea sury hold ings of se cu ri ties is sued by Gov ern ment cor po ra tions and other agen cies....................... 27

FD-A.—Chart: Av er age length of pri vately held mar ket able debt ..............................................29

PUB LIC DEBT OP ER A TIONS

In tro duc tion: Pub lic debt op er a tions ..................................................................... 30

TREA SURY FI NANCING ............................................................................ 30

PDO-1.—Ma tu rity sched ules of in ter est-bearing mar ket able pub lic debt se cu ri ties 

 other than reg u lar weekly and 52-week Trea sury bills out stand ing ..................................... 33

PDO-2.—Of fer ings of bills ............................................................................ 38

PDO-3.—Pub lic of fer ings of mar ket able se cu ri ties other than reg u lar weekly Trea sury bills ......................... 39

PDO-4A.—Al lot ments by in ves tor class for mar ket able pub lic debt se cu ri ties other than bills........................41

PDO-4B.—Al lot ments by in ves tor class for mar ket able pub lic debt se cu ri ties, 52-week bills......................... 43

 Al lot ments by in ves tor class for mar ket able pub lic debt se cu ri ties for bills other than reg u lar weekly

 series (his tor i cal) ........................................................................... 43

 

U.S. SAV INGS BONDS AND NOTES

In tro duc tion: Sav ings bonds and notes....................................................................44

SBN-1.—Sales and re demp tions by se ries, cu mu la tive ....................................................... 44

SBN-2.—Sales and re demp tions by pe riod, all se ries of sav ings bonds and notes com bined..........................45

SBN-3.—Sales and re demp tions by pe riod, se ries E, EE, H, HH and I........................................... 45

OWN ER SHIP OF FED ERAL SE CU RITIES

In tro duc tion: Own er ship of Fed eral se cu ri ties..............................................................47

OFS-1.—Dis tri bu tion of Fed eral se cu ri ties by class of in ves tors and type of is sues................................. 48

OFS-2.—Es ti mated own er ship of U.S. Treasury se cu ri ties....................................................49

MARKET YIELDS

In tro duc tion: Mar ket yields............................................................................ 50

MY-1.—Trea sury mar ket bid yields at con stant ma tu ri ties: bills, notes and bonds..................................50

MY-A.—Chart: Yields of Trea sury se cu ri ties ..............................................................51

MY-2.—Av er age yields of long-term Trea sury, cor po rate and mu nic i pal bonds....................................52

Con tents
MY-B.—Chart: Av er age yields of long-term Trea sury, cor po rate and mu nic i pal bonds..............................55

U.S. CUR RENCY AND COIN OUT STAND ING AND IN CIR CU LA TION

In tro duc tion: U.S. cur rency and coin out stand ing and in cir cu la tion ............................................. 56

USCC-1.—Amounts out stand ing and in cir cu la tion; cur rency and coins ......................................... 56

USCC-2.—Amounts out stand ing and in cir cu la tion; by de nom i na tion, per ca pita com par a tive to tals................... 57

IN TER NA TIONAL STA TIS TICS

IN TER NA TIONAL FI NAN CIAL STA TIS TICS

In tro duc tion: In ter na tional fi nan cial sta tis tics ..............................................................61

IFS-1.—U.S. Re serve as sets............................................................................ 61

IFS-2.—Se lected U.S. li a bil i ties to for eign ers..............................................................62

IFS-3.—Non mar ket able U.S. Trea sury bonds and notes is sued to of fi cial in sti tu tions

 and other res i dents of for eign coun tries ............................................................63

CAP I TAL MOVE MENTS

In tro duc tion: Cap i tal move ments ........................................................................64

SEC TION I.—LI A BIL ITIES TO FOR EIGNERS RE PORTED BY BANKS IN THE UNITED STATES

CM-I-1.—To tal li a bil i ties by type of holder ............................................................... 65

CM-I-2.—To tal li a bil i ties by type, pay able in dol lars ........................................................66

CM-I-3.—To tal li a bil i ties by coun try ..................................................................... 67

CM-I-4.—To tal li a bil i ties by type and coun try ............................................................. 69

CM-A.—Chart: U.S. li a bil i ties to for eign ers re ported by U.S. banks, bro kers and deal ers

 with re spect to se lected coun tries................................................................71

SEC TION II.—CLAIMS ON FOR EIGNERS RE PORTED BY BANKS IN THE UNITED STATES

CM-II-1.—To tal claims by type ......................................................................... 72

CM-II-2.—To tal claims by coun try......................................................................73

CM-II-3.—To tal claims on for eign ers by type and coun try ................................................... 75

CM-B.—Chart: U.S. claims on for eign ers re ported by U.S. banks, bro kers and deal ers

 with re spect to se lected coun tries ................................................................77

SEC TION III.—SUP PLE MEN TARY LI A BIL ITIES AND CLAIMS DATA RE PORTED

 BY BANKS IN THE UNITED STATES

CM-III-1.—Dol lar li a bil i ties to, and dol lar claims on, for eign ers in coun tries and ar eas not reg u larly re ported sep a rately . . 78

SEC TION IV.—LI A BIL ITIES TO, AND CLAIMS ON, FOR EIGNERS RE PORTED

 BY NONBANKING BUSI NESS EN TER PRISES IN THE UNITED STATES

CM-IV-1.—To tal li a bil i ties and claims by type ............................................................. 79

CM-IV-2.—To tal li a bil i ties by coun try ................................................................... 80

CM-IV-3.—To tal li a bil i ties by type and coun try ............................................................82

CM-IV-4.—To tal claims by coun try......................................................................84

CM-IV-5.—To tal claims by type and coun try ..............................................................86

CM-C.—Chart: Net pur chases of long-term do mes tic se cu ri ties by for eign ers, se lected coun tries ..................... 88

SEC TION V.—U.S. IN TER NA TIONAL TRANS AC TIONS IN LONG-TERM SE CU RITIES

CM-V-1.—U.S. trans ac tions with for eign ers in long-term do mes tic se cu ri ties by type ..............................89

CM-V-2.—U.S. trans ac tions with for eign ers in long-term for eign se cu ri ties by type................................89

CM-V-3.—Net for eign trans ac tions in long-term do mes tic se cu ri ties by type and coun try ........................... 90

CM-V-4.—U.S. trans ac tions with for eign ers in long-term do mes tic and for eign se cu ri ties,

 by type and coun try, dur ing fourth quar ter 2000................................................... 92

CM-V-5.—U.S. trans ac tions with for eign ers in long-term do mes tic and for eign se cu ri ties,

 by type and coun try, dur ing cal en dar year 2000 ................................................... 94

CM-D.—Chart: Net pur chases of long-term for eign se cu ri ties by U.S. in ves tors................................... 96

IV

Con tents
FOR EIGN CUR RENCY PO SI TIONS

In tro duc tion: For eign cur rency po si tions..................................................................97

SEC TION I.—CA NA DIAN DOL LAR PO SI TIONS

FCP-I-1.—Weekly re port of ma jor mar ket par tic i pants .......................................................98

FCP-I-2.—Monthly re port of ma jor mar ket par tic i pants......................................................99

FCP-I-3.—Quar terly re port of large mar ket par tic i pants......................................................99

SEC TION II.—GER MAN MARK PO SI TIONS

FCP-II-1.—Weekly re port of ma jor mar ket par tic i pants..................................................... 100

FCP-II-2.—Monthly re port of ma jor mar ket par tic i pants ....................................................101

FCP-II-3.—Quar terly re port of large mar ket par tic i pants ....................................................101

SEC TION III.—JAP A NESE YEN PO SI TIONS

FCP-III-1.—Weekly re port of ma jor mar ket par tic i pants ....................................................102

FCP-III-2.—Monthly re port of ma jor mar ket par tic i pants ....................................................103

FCP-III-3.—Quar terly re port of large mar ket par tic i pants ................................................... 103

SEC TION IV.—SWISS FRANC PO SI TIONS

FCP-IV-1.—Weekly re port of ma jor mar ket par tic i pants ....................................................104

FCP-IV-2.—Monthly re port of ma jor mar ket par tic i pants....................................................105

FCP-IV-3.—Quar terly re port of large mar ket par tic i pants ....................................................105

SEC TION V.—STER LING PO SI TIONS

FCP-V-1.—Weekly re port of ma jor mar ket par tic i pants ..................................................... 106

FCP-V-2.—Monthly re port of ma jor mar ket par tic i pants ....................................................107

FCP-V-3.—Quar terly re port of large mar ket par tic i pants ....................................................107

SEC TION VI.—U.S. DOL LAR POSITIONS

FCP-VI-1.—Weekly re port of ma jor mar ket par tic i pants ....................................................108

FCP-VI-2.—Monthly re port of ma jor mar ket par tic i pants ................................................... 109

FCP-VI-3.—Quar terly re port of large mar ket par tic i pants ................................................... 109

SEC TION VII.—EURO POSITIONS

FCP-VII-1.—Weekly re port of ma jor mar ket par tic i pants.................................................... 110

FCP-VII-2.—Monthly re port of ma jor mar ket par tic i pants ................................................... 111

FCP-VII-3.—Quar terly re port of large mar ket par tic i pants ................................................... 111

EX CHANGE STA BI LI ZA TION FUND

In tro duc tion: Ex change Sta bi li za tion Fund ............................................................... 112

ESF-1.—Bal ance sheet............................................................................... 112

ESF-2.—In come and ex pense ......................................................................... 113

SPE CIAL RE PORTS

TRUST FUNDS

TF-10.—Air port and Air way Trust Fund .................................................................117

In tro duc tion.— Ura nium En rich ment De con tam i na tion and De com mis sioning Fund .............................. 118

TF-11.—Ura nium En rich ment De con tam i na tion and De com mis sioning Fund.................................... 118

In tro duc tion.— Black Lung Dis abil ity Trust Fund ......................................................... 119

TF-12.—Black Lung Dis abil ity Trust Fund ............................................................... 119

 V

Con tents
In tro duc tion.— Har bor Main te nance Trust Fund........................................................... 121

TF-13.—Har bor Main te nance Trust Fund ................................................................121

TF-14.—Hazardous Sub stance Superfund ................................................................123

TF-15.—High way Trust Fund ......................................................................... 124

In tro duc tion.— In land Wa ter ways Trust Fund ............................................................. 125

TF-16.—In land Wa ter ways Trust Fund ..................................................................125

TF-17.—Leaking Un der ground Stor age Tank Trust Fund .................................................... 126

In tro duc tion.— Nu clear Waste Fund ....................................................................127

TF-18.—Nu clear Waste Fund ..........................................................................127

In tro duc tion.— Re for es ta tion Trust Fund ................................................................128

TF-19.—Re for es ta tion Trust Fund ......................................................................128

TF-D.—Chart: Ma jor trust funds, in ter est on in vest ments, fis cal 1999 and 2000 .................................. 129

TF-E.—Chart: Ma jor trust funds, re ceipts and ex penses, fis cal 2000........................................... 129

In tro duc tion.— Aquatic Re sources Trust Fund ............................................................130

TF-20.—Aquatic Re sources Trust Fund ................................................................. 130

In tro duc tion.— Oil Spill Li a bil ity Trust Fund ............................................................. 132

TF-21.—Oil Spill Li a bil ity Trust Fund ..................................................................132

In tro duc tion.— Vac cine In jury Com pen sa tion Trust Fund ................................................... 133

TF-22.—Vac cine In jury Com pen sa tion Trust Fund......................................................... 133

TF-23.— Na tional Rec re ational Trails Trust Fund ......................................................... 134

RE SEARCH PAPER IN DEX..........................................................................135

GLOS SARY....................................................................................... 136

ORDER FORM FOR TREA SURY PUB LI CA TIONS ........................................... In side back cover

NOTES: Def i ni tions for words shown in ital ics can be found in the glos sary; Fig ures may not add to to tals be cause of

round ing; p = Pre lim i nary; n.a. = Not avail able; r = Re vised.

VI

Con tents
VII

Nonquarterly Ta bles and Re ports

For the con ve nience of the “Trea sury Bul le tin” user, nonquarterly ta bles and re ports

are listed be low along with the is sues in which they ap pear.

 Is sues

 March June Sept. Dec.

Fed eral Fis cal Op er a tions

FFO-5.—Sum mary of in ter nal rev e nue re ceipts by re gions 

and districts............................................

Spe cial Re ports*

Fi nan cial Report of the United States Gov ern ment ex cerpt............

Trust Fund Re ports:

Air port and Air way Trust Fund ...............................

Aquatic Re sources Trust Fund ...............................

Black Lung Dis abil ity Trust Fund .............................

Civil Ser vice Re tire ment and Dis abil ity Fund ...................

Fed eral Dis abil ity In sur ance Trust Fund ........................

Fed eral Hos pi tal In sur ance Trust Fund .........................

Fed eral Old-Age and Sur vi vors In sur ance Trust Fund .............

Fed eral Sup ple men tary Med i cal In sur ance Trust Fund.............

Har bor Main te nance Trust Fund ..............................

Haz ard ous Sub stance Superfund ..............................

High way Trust Fund .......................................

In land Wa ter ways Trust Fund ................................

In vest ments of spec i fied trust ac counts.........................

Leaking Un der ground Stor age Tank Trust Fund ..................

Na tional Ser vice Life In sur ance Fund ..........................

Nu clear Waste Fund .......................................

Oil Spill Li a bil ity Trust Fund ................................

Rail road Re tire ment Ac count ................................

Re for es ta tion Trust Fund....................................

Un em ploy ment Trust Fund ..................................

Ura nium En rich ment De con tam i na tion and 

De com mis sioning Fund ..................................

Vac cine In jury Com pen sa tion Trust Fund .......................

*Note.—Sec tion 9011 of the Trans por ta tion Eq uity Act for the 21st Cen -

tury, Pub lic Law 105-178, re pealed the Na tional Rec re ational Trails

Trust Fund.

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3

Profile of the Economy

[Source: Of fice of Mac ro eco nomic Anal y sis]

Real gross domestic product (GDP)

Eco nomic growth slowed sharply in the sec ond half of 2000. 

Af ter ris ing at a 5.2 per cent an nual pace in the first half of the

year, growth in real GDP slowed to an an nual rate of 2.2 per -

cent in the third quar ter and 1.4 per cent in the fourth. The in -

crease in the fourth quar ter was the small est in more than 5

years. Over the four quar ters of 2000, real GDP rose by 3.5

per cent, a full 1-1/2 per cent age points less than the av er age

over the pre ced ing 4 years.

The fourth-quarter de cel er a tion in growth was led by weak -

ness in equip ment and soft ware in vest ment and con sumer

spend ing. To gether, those sec tors rep re sent roughly four-fifths

of to tal GDP. In vest ment in equip ment and soft ware fell at a

4.7 per cent an nual rate, the first de cline since the 1991 re ces -

sion. Growth in con sumer ex pen di tures slowed to a 2.9 per -

cent rate, mainly due to a drop in pur chases of mo tor ve hi cles

and slower growth in pur chases of other goods.

In ven tory growth was trimmed slightly in the fourth quar ter

but not by enough to bring stocks in line with sales. This sug -

gests that in ven tory cor rec tion may ex tend into the first quar -

ter of 2001. Ex ports de clined in the fourth quar ter for the first

time in nearly 2 years, and im ports were about un changed. The 

for eign trade def i cit wid ened slightly but by less than in pre vi -

ous quar ters. This re duced the drag on real GDP growth from

net ex ports to 0.6 per cent age point in the fi nal quar ter of 2000

from about 0.9 per cent age point in each of the first three

quar ters.

The na tional ac counts mea sures of in fla tion picked up in the

fourth quar ter but in creases con tin ued to be mod er ate. The

GDP price in dex rose at a 2.1 per cent an nual rate com pared

with 1.6 per cent in the third quar ter. The speedup pri mar ily re -

flected higher prices for some con sumer ser vices and for res i -

den tial con struc tion. Over the four quar ters of 2000, the GDP

price in dex was up by 2.3 per cent com pared with 1.6 per cent

in 1999.

Growth o f Real GDP

0.9

4.0

2.5

4.1

2.2

4.1

4.3

4.6

5.0

3.5

0

1

2

3

4

5

6

7

91 92 93 94 95 96 97 98 99 00

(Percent change, fourth quarter to fourth quarter)

Inflation

In fla tion picked up in 2000. Core in fla tion (ex clud ing food

and en ergy) and food prices rose at a faster rate than in 1999,

but the in creases still re mained rel a tively mod er ate. En ergy

price in creases con tin ued at a dou ble-digit pace. Strong pro -

duc tiv ity growth dur ing 2000 helped keep la bor costs in check.

Con sumer prices in creased by 3.4 per cent in 2000, an ac cel -

er a tion of about 3/4 per cent age point from the pre vi ous year.

En ergy prices were up by 14.2 per cent af ter in creas ing by 13.4

per cent in 1999. Core in fla tion picked up to a 2.6 per cent pace

from 1.9 per cent in 1999. That was the small est yearly in crease

since 1965. Food prices rose at a 2.8 per cent rate, an ac cel er a -

tion of al most 1 per cent age point from 1999.

At the pro ducer level, the pat tern for fin ished goods prices

last year gen er ally mir rored de vel op ments at the con sumer

level. Fin ished goods prices rose by 3.6 per cent, up from 2.9

per cent in 1999. Core in fla tion was mod er ate, in creas ing at a

1.2 per cent rate. That was lit tle changed from a 0.9 per cent rise

in 1999. The in crease in en ergy prices de cel er ated slightly from 

a lit tle more than 18 per cent in 1999 to just over 17 per cent.

Fur ther back in the pro duc tion chain, core prices for crude

goods dropped by al most 6 per cent while core in ter me di ate

goods prices edged up at a mod er ate pace.

Pro duc tiv ity in the nonfarm busi ness sec tor rose by a strong

3.4 per cent over the four quar ters of 2000, off set ting a siz able

por tion of the 5.7 per cent in crease in hourly com pen sa tion. As

a re sult, unit la bor costs moved up by 2.2 per cent dur ing the

year. The em ploy ment cost in dex for to tal com pen sa tion, a sep -

a rate com pen sa tion mea sure that also is closely watched, in -

creased by 4.1 per cent for the 12-month pe riod end ing in

De cem ber. This was a lit tle less than the in crease in com pen sa -

tion in the pro duc tiv ity se ries but an ac cel er a tion from the 3.4

per cent gain dur ing 1999.
4 PRO FILE OF THE ECON OMY

1

2

3

4

5

6

7

89 90 91 92 93 94 95 96 97 98 99 00

Exc luding food and

ene rgy

Tota l

Cons ume r Price s

(Pe rc ent cha nge from a ye a r e a rlie r)

-4

-2

0

2

4

6

8

10

89 90 91 92 93 94 9 5 96 97 98 9 9 00

Exc lud ing foo d and

ene rgy

To tal

Pro d uce r Pric es - Finis hed Go o ds

(Perc en t chang e from a ye a r ea rlie r)

Employment and unemployment

Pay roll em ploy ment growth has slowed in re cent months,

al though spe cial fac tors re sulted in a sharp in crease in Jan u -

ary. The un em ploy ment rate has risen to 4.2 per cent, sug gest -

ing a loos en ing of la bor mar ket tight ness. Av er age hourly

earn ings show lit tle ev i dence of wage pres sure. 

Growth of em ploy ment on nonfarm pay rolls slowed over

the course of 2000 to a monthly av er age of only 46,000 in the

fourth quar ter, af ter Fed eral hir ing of tem po rary work ers for

the de cen nial cen sus boosted to tal em ploy ment in the early

part of the year. In Jan u ary, em ploy ment jumped by 268,000,

partly re flect ing a re ver sal of se vere weather late last year and

other sea sonal ab er ra tions. Av er aging the lat est 4 months

yields monthly em ploy ment growth of about 100,000. This is

less than half the pace of other re cent years but con sis tent with

mod er ate growth of eco nomic ac tiv ity. Most no ta ble among

the weak spots is man u fac tur ing, which lost 256,000 jobs dur -

ing the past 12 months. Job growth in the pri vate ser -

vice-producing sec tor also slowed mark edly to a monthly

av er age of 106,000 dur ing the past 4 months from ap prox i -

mately 200,000 av er aged from 1996 through 1999. On the

other hand, hir ing in con struc tion and fi nance, in sur ance, and

real es tate picked up re cently, spurred by the de cline in mort -

gage in ter est rates since spring. 

Unemplo yment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

94 95 96 97 98 99 00 01

(Pe rc ent)

Establis hment Employment

256

192

212

258

324

213

25

46

268

0

100

200

300

400

99-I II III IV 00-I II III IV I*

(Average monthly change in thous ands)

*Bas ed on January data
PRO FILE OF THE ECON OMY 5

The un em ploy ment rate rose from 4.0 per cent in De cem ber

to 4.2 per cent in Jan u ary, the high est read ing in 16 months.

This sug gests some loos en ing of the la bor mar ket tight ness

since last fall, when the un em ploy ment rate reached a

three-decade low of 3.9 per cent. In Jan u ary, the share of the

work ing-age pop u la tion em ployed held at 64.5 per cent. This

matched last year’s av er age, which was an all-time re cord.

Nom i nal wage gains, as mea sured in the pay roll em ploy -

ment sur vey, re main sur pris ingly low given re cent la bor mar -

ket con di tions. Av er age hourly earn ings of pro duc tion and

other nonsupervisory work ers grew by 3.9 per cent over the 12

months ended in Jan u ary. This was only a slight ac cel er a tion

from 3.5 per cent a year ear lier. (More com pre hen sive mea -

sures of hourly com pen sa tion show greater ac cel er a tion re -

cently, how ever.) Ad justed for in fla tion, av er age hourly

earn ings in creased by 0.8 per cent over the past year, con tin u -

ing the gains ev i dent since 1995. 

Real dis pos able per sonal in come

and con sumer spend ing

Per sonal in come in nom i nal terms rose by 5.7 per cent dur ing 

2000, about the same as dur ing 1999. Strength was con cen -

trated in the first half of the year, when wage and sal ary dis -

burse ments (58 per cent of in come) rose at more than a 7

per cent an nual rate. A slow down in growth of wages and sal a -

ries to about a 5.5 per cent pace in the sec ond half of 2000 re -

flected softer pri vate-sector job growth and the elim i na tion of

tem po rary Fed eral jobs as so ci ated with the de cen nial cen sus.

In ter est pay ments also slowed in the sec ond half, re flect ing de -

clines in in ter est rates. Pro pri etors’ in come weak ened as well,

mainly be cause of the pat tern of farm sub sidy pay ments.

On a real af ter-tax ba sis, per sonal in come rose by 2.2 per cent 

in 2000, down from 3.1 per cent dur ing 1999. The smaller gain

re flected the com bi na tion of faster growth of tax pay ments and 

some what higher in fla tion gen er ated mainly by the rapid rise

in en ergy prices.

Real con sumer spend ing rose by 4.5 per cent in 2000, down

from 5.6 per cent dur ing 1999 and 5.0 per cent dur ing 1998.

Growth of ex pen di tures on du ra ble goods, such as mo tor ve hi -

cles and fur ni ture and ap pli ances, was cut mark edly to 5.1 per -

cent from dou ble-digit in creases dur ing 1998 and 1999. By the

end of 2000, con sumer con fi dence fell in re sponse to the

weaker stock mar ket, higher en ergy costs and in creased news

of worker lay offs. As a re sult, real con sumer spend ing grew at

only a 2.9 per cent an nual rate in the fi nal quar ter of 2000.

Even though con sumer spend ing slowed, it con tin ued to

grow faster than af ter-tax in come. There fore, it pulled the per -

sonal sav ing rate down to -0.8 per cent by the fourth quar ter of

2000. For the en tire year, the per sonal sav ing rate was -0.1 per -

cent, down from a re cent high of 8.7 per cent in 1992. This was

the first time that the sav ing rate had been neg a tive since the

midst of the Great De pres sion in 1933. Of course, the cir cum -

stances are en tirely dif fer ent to day. Even with the de cline in

eq uity mar kets dur ing 2000, house hold net worth has bene -

fited from the tre men dous gains in the stock mar ket in re cent

years. This “wealth ef fect” has been a ma jor fac tor be hind the

de cline in the per sonal sav ing rate. In creases in as set val ues are 

not counted as in come in the na tional in come and prod uct ac -

counts, from which sav ing is cal cu lated, but none the less con -

trib ute to the will ing ness and abil ity of con sum ers to spend.

In dus trial pro duc tion

and ca pac ity uti li za tion

Out put in the in dus trial sec tor de clined for the fourth straight 

month in Jan u ary, fall ing by a sea son ally ad justed 0.3 per cent.

This fol lowed a 0.8 per cent an nual rate con trac tion in the

fourth quar ter of 2000, the first quar terly de cline since an 8.3

per cent drop in the first quar ter of 1991, when the econ omy

was of fi cially in re ces sion. Re cent de clines re flected wide -

spread soft ness, par tic u larly in the man u fac tur ing sec tor.

Large gains early in 2000 mit i gated the ef fects of the

fourth-quarter slide on data for the en tire year. Dur ing the 12

months of 2000, in dus trial pro duc tion in creased by 3.2 per cent

from 1999. While that fig ure is much weaker than the 5.7 per -

cent gain re corded in 1999, it is still stron ger than the tepid 2.7

per cent in crease in 1998. 

Man u fac turing pro duc tion, which ac counts for just over 88

per cent of all in dus trial out put, de clined by 0.1 per cent in Jan -

u ary. This fol lowed a dra matic 1.8 per cent drop in the fourth

quar ter of 2000. One source of man u fac tur ing’s weak ness is in

the au to mo bile sec tor, where slow ing de mand has led to pro -

duc tion cut backs. Over the 12 months of 2000, man u fac tur ing

out put in creased by only 2.7 per cent. This was less than half of

the 6.1 per cent gain wit nessed in 1999 and the low est

12-month per cent change since early 1996. 

One bright spot in man u fac tur ing has been the high-tech sec -

tor, which in cludes com put ers, com mu ni ca tions equip ment

and semi con duc tors. These three in dus tries com bined ex pe ri -

enced pro duc tion growth of 28.6 per cent at an an nual rate in

the Oc to ber-to-December pe riod of 2000. While only about

half as fast as the third quar ter’s 56.9 per cent pace, it still gave

fac tory out put a slight boost in the fi nal quar ter. Ex clud ing

high-tech, man u fac tur ing pro duc tion de clined by 0.4 per cent

in Jan u ary and by 5.0 per cent at an an nual rate in the fourth

quar ter. The fourth-quarter drop in man u fac tur ing other than

high-tech was much larger than a 1.9 per cent de cline re corded

in the first quar ter of 1995, when the econ omy was slow ing,

and a 1.7 per cent dip posted in the third quar ter of 1998, dur ing

the Asian cri sis. 

The rate of in dus trial ca pac ity uti li za tion, which has been

drop ping over the past 4 months, edged down to 80.2 per cent

in Jan u ary. The Jan u ary read ing, which is the low est in roughly

8-1/2 years, is 1.8 per cent age points be low its long-term av er -

age and 4.2 points lower than the ex pan sion peak of 84.4 per -

cent reached in early 1995. 
6 PRO FILE OF THE ECON OMY

Nonfarm productivity and unit labor costs

De spite the re cord length of the cur rent ex pan sion, U.S. pro -

duc tiv ity re mained strong in 2000, rather than slow ing as is

typ i cal in the late stages of an ex pan sion. Nonfarm busi ness

pro duc tiv ity (real out put per hour worked) rose by 2.4 per cent

at an an nual rate in the fourth quar ter, bring ing the rise dur ing

the en tire year to 3.4 per cent. Over the past 5 years, nonfarm

pro duc tiv ity has ad vanced at a 2.9 per cent an nual rate, the

fast est rate of growth for any such pe riod since 1968. This ex -

cep tional per for mance is widely at trib uted to strong in vest -

ment in in for ma tion tech nol ogy and lends cre dence to the

view that pro duc tiv ity growth has moved to a higher trend rate

in re cent years from the 1.4 per cent an nual pace av er aged

from 1973 to 1995. 

Hourly com pen sa tion costs in the nonfarm busi ness sec tor

shot up at a 6.6 per cent an nual rate in the fourth quar ter. That

was the third suc ces sive quar ter in which these costs had in -

creased by at least a 6 per cent pace and marked the larg est

quar terly gain since early 1992. Pro duc tiv ity growth off set

part of the lat est rise, but, none the less, la bor costs per unit of

out put rose at a fairly rapid 4.1 per cent an nual rate in the fourth 

quar ter. Dur ing all of 2000, unit la bor costs in creased by 2.2

per cent. While up from a very nar row 0.6 per cent rise dur ing

1999, re sults for 2000 were still con sis tent with low in fla tion. 

Pro duc tiv ity in the man u fac tur ing sec tor con tin ued to in -

crease at a rapid rate last year. Al though growth ta pered to a

4.8 per cent an nual rate in the fourth quar ter, the gain for all of

2000 reached a huge 6.5 per cent. This rate matched the stun -

ning per for mance of 1999. Over the past 5 years, man u fac tur -

ing pro duc tiv ity av er aged a 5.4 per cent an nual rate of

ad vance—strength un prec e dented in the post-World War II

era. Growth of hourly com pen sa tion costs surged at an 8.6 per -

cent an nual rate in the fourth quar ter and were up by 6.2 per -

cent for the en tire year. Yearly com pen sa tion costs had not

risen as sharply since 1982. Even so, soar ing pro duc tiv ity

growth was suf fi cient to yield a 0.3 per cent de cline in unit la -

bor costs for the year. Fac tory unit la bor costs have been fall -

ing for the past 7 years. In the fourth quar ter, they were more

than 10 per cent be low the high reached in early 1994.

Current account balance

The cur rent ac count mea sures trade in goods and ser vices as

well as the flow of in vest ment in come and uni lat eral trans fers.

The cur rent ac count has been in def i cit al most con tin u ously

since the early 1980s. In the third quar ter of 2000, the cur rent

ac count def i cit swelled to $427 bil lion at an an nual rate. This

rep re sents a re cord high 4.3 per cent share of nom i nal GDP.

The def i cit has wid ened sub stan tially over the past de cade

pri mar ily be cause of de te ri o ra tion in the mer chan dise trade

bal ance. Growth in U.S. do mes tic de mand has out paced that

of our ma jor trad ing part ners, caus ing im ports to grow much

more rap idly than ex ports. The ap pre ci a tion of the dol lar from

1995 and higher prices for im ported oil over the past 2 years

also have con trib uted to the grow ing trade gap. As a re sult, the

def i cit on mer chan dise trade has more than dou bled since the

mid-1990s. It reached a new high of $461.7 bil lion at an an -

nual rate in the third quar ter. Fur ther de te ri o ra tion was re -

corded in the fourth quar ter. 

Other ma jor com po nents of the cur rent ac count also have

fu eled the grow ing def i cit. The sur plus on trade in ser vices has 

nar rowed since 1997. More over, what had been a pos i tive bal -

ance on in vest ment in come turned neg a tive in 1998, as weak

for eign growth de pressed in ter est earn ings on U.S. in vest -

ments abroad and U.S. growth sup ported strong in ter est in -

come on for eign in vest ments in the United States. The bal ance 

on in vest ment in come is likely to re main neg a tive in the fu -

ture, since the ac cu mu la tion of cur rent ac count def i cits has re -

sulted in an in crease in net for eign hold ings of U.S. as sets and

a net neg a tive in ter na tional in vest ment po si tion.

By def i ni tion, the cur rent ac count def i cit is matched by off -

set ting trans ac tions in the fi nan cial and cap i tal ac counts, with

any dif fer ence in the re corded flows listed as a sta tis ti cal dis -

crep ancy. Con tinuing in flows of for eign funds re flect the at -

trac tive ness of the United States as an in vest ment out let. In the 

third quar ter of 2000, the fi nan cial ac count re corded in flows

for for eign as sets in the United States that ex ceeded out flows

for U.S. as sets abroad by $491.9 bil lion at an an nual rate. This

was down from the huge $610.9 bil lion net fi nan cial in flow re -

corded in the pre vi ous quar ter but still quite high by his tor i cal

stan dards. A mod er a tion in for eign di rect in vest ment in the

United States ac counted for some of the de cel er a tion, but for -

eign ac qui si tions of U.S. se cu ri ties rose sub stan tially.

Exchange rate of the dollar

The ex change rate of the dol lar against a broad in dex of 26

cur ren cies of im por tant U.S. trad ing part ners strength ened

sig nif i cantly in the first 11 months of 2000. While mod est

soft en ing oc curred in the 2 sub se quent months, the ex change

rate of the dol lar against the broad in dex was still 6.5 per cent

higher in Jan u ary 2001 than in De cem ber 1999. The gain re -

corded over the lat est 13 months fol lowed a 2-year pe riod dur -

ing which the ex change rate lev eled off af ter a sharp rise in

1996 and 1997. 

 Nearly all of the ap pre ci a tion since 1999 has been fu eled by

im prove ment of the dol lar against the cur ren cies of ma jor U.S. 

trad ing part ners. These part ners in clude the euro-area coun -

tries, Can ada, Ja pan, the United King dom, Aus tra lia, Swe den

and Swit zer land. The ex change value of the dol lar jumped by

8.7 per cent over the 12 months of 2000, with the value against

the euro climb ing by 12.5 per cent and against the Jap a nese

yen by 9.4 per cent. The strength of the dol lar in re la tion to the

cur ren cies of the ma jor U.S. trad ing part ners mainly re flected

the faster pace of growth in the United States. The per cep tion

that U.S. as set mar kets would con tinue to pres ent gen er ally at -

trac tive in vest ment op por tu ni ties de spite in creased vol a til ity

also con trib uted to the stron ger per for mance of the dol lar.

Other fac tors such as dif fer ing cen tral bank pol i cies and con -

cerns over for eign ex change pol icy and the course of struc -

tural re forms in the euro area also may have played a role.

Signs of a mod er a tion in U.S. eco nomic growth have lent

sup port to the euro re cently, push ing the ex change value of the

dol lar down by 9.1 per cent from a re cord high level be tween

Oc to ber 2000 and Jan u ary 2001. At the same time, the dol lar

strength ened against the yen on re newed con cerns about Jap a -

nese eco nomic con di tions. The dol lar/yen ex change rate rose

by 7.6 per cent dur ing the 4 months ended in Jan u ary.
4.0

4.5

5.0

5.5

6.0

6.5

7.0

Long -te rm In tere st Rate s

30-ye a r bond

10-ye a r note

(Pe rc en t)

 1998 1999 2000 2001

3. 5

4. 0

4. 5

5. 0

5. 5

6. 0

6. 5

7. 0

Sho rt-te rm In te res t Rate s

Dis cou nt ra te

Fed e ra l fund s ra te

3-mo nth Trea s ury bills

(Pe rc ent)

 1998 1999 2000 2001 

PRO FILE OF THE ECONOMY 7

Housing

Housing sales strength ened through the sec ond half of 2000, 

and the num ber of new homes sold last year reached 900,000.

This was just a shade less than the 907,000 new sin gle-family

homes sold in 1999, an all-time re cord for this se ries that be gan 

in 1963. Sales of ex ist ing sin gle-family homes also main tained 

a near-record level in 2000, to tal ing 5.0 mil lion com pared with 

an all-time high of 5.1 mil lion in 1999. The strong per for -

mance in home sales re flected a de cline in mort gage in ter est

rates of roughly 150 ba sis points af ter rates topped out in May.

By the early part of 2001, the mort gage rate for a 30-year loan

dipped be low 7 per cent.

A high level of sales of both new and ex ist ing homes over the 

past sev eral years led to a dra matic in crease i n home own er ship. 

The num ber of new home own ers grew by more than 10

mil lion dur ing the 1990s, and the home own er ship rate rose to

a re cord 67.4 per cent in 2000. Ex pan sion in home own er ship

has been par tic u larly no ta ble for mi nor ity groups. 

Con struc tion of new hous ing units lagged be hind new home

sales in the sec ond half of 2000. This led to a re duc tion in the

in ven tory of new houses for sale and a de cline in res i den tial in -

vest ment in both the third and fourth quar ters. To tal hous ing

starts amounted to 1.59 mil lion units in 2000, down from a re -

cord 1.67 mil lion starts in 1999. The value of res i den tial in -

vest ment in real terms fell at a 10.6 per cent an nual rate in the

third quar ter and a fur ther 2.5 per cent in the fourth. How ever,

the re cent in creases in new home sales and hous ing starts may

lead to an in crease in hous ing con struc tion ex pen di tures in the

first quar ter of 2001.

Interest rates

The Fed eral Re serve eased mon e tary pol icy in Jan u ary 2001, 

twice cut ting in ter est rates by 50 ba sis points. The first cut was

made in early Jan u ary be tween reg u larly sched uled meet ings

of the Fed eral Open Mar ket Com mit tee (FOMC). That was

only the third time in the last 6 years that the Fed eral Re serve

changed rates in be tween FOMC meet ings. The sec ond rate cut 

oc curred at the end of the Jan u ary 30-31 FOMC meet ing. The

Fed eral Re serve de scribed its ac tions as the ap pro pri ate pol icy

in light of weak en ing sales and in vest ment due to lower con fi -

dence, tighter credit con di tions, and the ef fect of high en ergy

prices on house hold pur chas ing power and busi ness prof its.

The eas ing trend fol lowed a pe riod of nearly a year dur ing

which in ter est rates were left un changed. The two ac tions in

Jan u ary low ered the tar get for the fed eral funds rate (the rate

that banks and other fi nan cial in sti tu tions charge each other for

over night loans) to 5.5 per cent from 6.5 per cent. The dis count

rate (the rate the Fed eral Re serve charges banks for short-term

funds) was low ered to 5.0 per cent from 6.0 per cent. The mar -

ket in ter est rate for the 3-month Trea sury bill, which usu ally

cen ters around the level of the dis count rate, was about 5.0 per -

cent at the end of Jan u ary.

Rates on long-term Trea sury se cu ri ties con tin ued to de cline

in early 2001 as the price of the se cu ri ties rose. The higher

prices largely re flect a shrink ing sup ply of Trea sury se cu ri ties

be cause of buy backs and re duced new long-term debt is su ance

by the Trea sury due to grow ing bud get sur pluses.

Mort gage in ter est rates gen er ally fol low the pat tern of the

10-year Trea sury note. The in ter est rate on a con ven tional

30-year fixed rate loan has been de clin ing since a re cent peak

of 8.5 per cent in May 2000. It dipped be low 7 per cent in early

2001. The de cline of roughly 150 ba sis points in the mort gage

in ter est rate prompted some re newed strength in hous ing de -

mand dur ing the lat ter part of 2000.
8 PRO FILE OF THE ECON OMY

Net national saving and investment

Net na tional sav ing av er aged 6.7 per cent of net na tional

prod uct (NNP) in the first three quar ters of 2000 (the lat est pe -

riod for which full de tail is

avail able). This was lit tle dif -

fer ent from the 6.8 per cent for

all of 1999 but down from 7.5

per cent in 1998. (Net sav ing

and NNP ex clude de pre ci a -

tion to re place wornout or ob -

so lete equip ment, soft ware

and struc tures used in pro duc -

tion.) Re cent fig ures none the -

less re mained con sid er ably

above the 3.9 per cent of 1993,

which was the low est for any

year since the 1930s.

The swing in the Fed eral

bud get from large def i cits into 

sur plus has more than ac -

counted for the im prove ment

in na tional sav ing since 1993.

As a re sult, the pub lic sec tor

moved from dissaving equiv -

a lent to 4.7 per cent of NNP in

1993 (and an even larger 5.4

per cent in 1992) to sav ing of

3.5 per cent in the first three quar ters of 2000. De spite the prog -

ress, net sav ing still re mains well be low the 11.6 per cent of

NNP av er aged in the 1950s and 1960s. 

Pri vate sav ing de clined from a re cent high of 9.4 per cent of

NNP in 1992 to 3.2 per cent in the first three quar ters of 2000. A

sharp fall in sav ing by house holds more than off set a gain in

cor po rate sav ing. In creased

wealth gen er ated by a surg ing

stock mar ket is an im por tant

fac tor in the re duced de sire of

house holds to save out of cur -

rent in come. In the first three

quar ters of 2000, per sonal sav -

ing was equiv a lent to only

0.1 per cent of NNP, down from

7.4 per cent in 1992. Growth of

cor po rate prof its, on the other

hand, lifted net cor po rate sav -

ing from 2.2 per cent of NNP in

1992 to 3.2 per cent in 2000. 

Net do mes tic in vest ment (by

gov ern ment and pri vate in dus -

try in struc tures, equip ment,

soft ware and in ven tory) in -

creased from a very low 5.2

per cent of NNP in 1991 to 10.6

per cent in the first three quar -

ters of 2000. A large por tion of

this in vest ment has been fi -

nanced from abroad, as U.S.

net for eign in vest ment swung from 0.3 per cent of NNP in 1991

to -4.8 per cent in 2000. 

 Federal budget

The Fed eral bud get posted a uni fied sur plus of $237 bil lion

in fis cal 2000, or 2.4 per cent in re la tion to GDP. That was the

larg est sur plus ever in dol lar terms and the larg est rel a tive to

GDP since fis cal 1948. The sur plus in fis cal 2000 was the third

in a row. It marked the eighth con sec u tive year of im prove ment 

in the Fed eral bud get po si tion af ter the def i cit peaked at a re -

cord $290 bil lion in fis cal 1992.

Re ceipts jumped by 10.8 per cent in fis cal 2000, the fast est

rate of growth of any year of the cur rent ex pan sion and the larg -

est in crease since 1987. The strong growth re flected large

gains in the in come and wealth of in di vid u als as well as a

marked im prove ment in cor po rate prof its fol low ing weak ness

in the past sev eral years.

Out lays of the Fed eral Gov ern ment in creased by 5.0 per cent

in fis cal 2000, an ac cel er a tion from av er age growth of 3.0 per -

cent per year over the prior 7 years. De spite the speedup in

spend ing, growth in out lays was slower than growth in the

econ omy in fis cal 2000, and out lays in re la tion to GDP

de clined to the low est in al most 35 years. Among ma jor

spend ing cat e go ries, out lays ac cel er ated in fis cal 2000 for such 

func tions as de fense, Medicaid, So cial Se cu rity and farm price

sup port, among oth ers. Out lays for Medicare, which did not in -

crease at all from 1997 to 1999, be gan to grow again in 2000.

Net in ter est ex penses de clined for the third con sec u tive year as

debt owed to the pub lic was re duced.

The bud get sur plus in fis cal 2000 re sulted in a $223 bil lion

re duc tion in debt held by the pub lic that year. Over the past 3

years, pub licly held debt has been cut by $361 bil lion, or 9.6

per cent. At the end of fis cal 2000, debt held by the pub lic rep -

re sented 34.7 per cent of GDP, down from nearly 50 per cent 7

years ago and the small est ra tio since 1984.

Sur pluses are pro jected to con tinue through at least the next

10 years, ac cord ing to the Con gres sio nal Bud get Of fice. The

uni fied sur plus is pro jected to to tal $5.6 tril lion over that span,

with $2.5 tril lion of that re served for the So cial Se cu rity trust

fund. The Bush Ad min is tra tion has pro posed us ing $1.6 tril -

lion of the re main ing $3.1 tril lion on-budget sur plus to re duce

taxes. 

Ne t National Saving

-10

-5

0

5

10

15

60 65 70 75 80 85 90 95 00*

Public

Total

(Saving as a percent of NNP)

*Bas ed on first three quarters
9

INTRODUCTION: Fed eral Fis cal Op er a tions

Bud get au thor ity usu ally takes the form of ap pro pri a tions

that al low ob li ga tions to be in curred and pay ments to be made.

Reappropriations are Con gres sio nal ac tions that ex tend the

avail abil ity of unobligated amounts that have ex pired or would

oth er wise ex pire. These are counted as new bud get au thor ity in

the fis cal year of the leg is la tion in which the reappropriation act

is in cluded, re gard less of when the amounts were orig i nally ap -

pro pri ated or when they would oth er wise lapse.

Ob li ga tions gen er ally are liq ui dated by the is su ance of

checks or the dis burse ment of cash—out lays. Ob li ga tions may 

also be liq ui dated (and out lays re corded) by the ac crual of in -

ter est on pub lic is sues of Trea sury debt se cu ri ties (in clud ing an 

in crease in re demp tion value of bonds out stand ing); or by the

is su ance of bonds, de ben tures, notes, mon e tary cred its, or

elec tronic pay ments.

Re funds of col lec tions gen er ally are treated as re duc tions

of col lec tions, whereas pay ments for earned-income tax cred -

its in ex cess of tax li a bil i ties are treated as out lays. Out lays

dur ing a fis cal year may be for pay ment of ob li ga tions in curred 

in prior years or in the same year. Out lays, there fore, flow in

part from un ex pended bal ances of prior year bud get au thor ity

and from bud get au thor ity pro vided for the year in which the

money is spent. To tal out lays in clude both bud get and

off-budget out lays and are stated net of off set ting col lec tions.

Re ceipts are re ported in the ta bles as ei ther bud get re -

ceipts or off set ting col lec tions. They are col lec tions from the

pub lic, ex clud ing re ceipts off set against out lays. These, also

called gov ern men tal re ceipts, con sist mainly of tax re ceipts

(in clud ing so cial in sur ance taxes), re ceipts from court fines,

cer tain li censes, and de pos its of earn ings by the Fed eral Re -

serve sys tem. Re funds of re ceipts are treated as de duc tions

from gross re ceipts. To tal Gov ern ment re ceipts are com pared

with to tal out lays in cal cu lat ing the bud get sur plus or def i cit.

Off setting col lec tions from other Gov ern ment ac counts

or the pub lic are of a busi ness-type or mar ket-oriented na ture.

They are clas si fied as ei ther col lec tions cred ited to ap pro pri a -

tions or fund ac counts, or off set ting re ceipts (i.e., amounts de -

pos ited in re ceipt ac counts). The for mer nor mally can be used

with out ap pro pri a tion act by Con gress. These oc cur in two in -

stances: (1) when au tho rized by law, amounts col lected for

ma te ri als or ser vices are treated as re im burse ments to ap pro -

pri a tions. For ac count ing pur poses, earned re im burse ments

are also known as rev e nues. These off set ting col lec tions are

net ted against gross out lays in de ter min ing net out lays from

such ap pro pri a tions; and (2) in the three types of re volv ing

funds (pub lic en ter prise, intragovernmental and trust); off set -

ting col lec tions are net ted against spend ing, and out lays are re -

ported as the net amount.

Off setting re ceipts in re ceipt ac counts can not be used

with out ap pro pri a tion. They are sub di vided into three cat e go -

ries: (1) pro pri etary re ceipts, or col lec tions from the pub lic,

off set against out lays by agency and by func tion; (2)

intragovernmental trans ac tions, or pay ments into re ceipt ac -

counts from gov ern men tal ap pro pri a tion or fund ac counts.

They fi nance op er a tions within and be tween Gov ern ment

agen cies and are cred ited with col lec tions from other Gov ern -

ment ac counts; and (3) off set ting gov ern men tal re ceipts

which in clude for eign cash con tri bu tions.

Intrabudgetary trans ac tions are sub di vided into three

cat e go ries: (1) interfund trans ac tions—pay ments are from

one fund group (ei ther Fed eral funds or trust funds) to a re ceipt 

ac count in the other fund group; (2) Fed eral intrafund trans ac -

tions—pay ments and re ceipts both oc cur within the Fed eral

fund group; and (3) trust intrafund trans ac tions—pay ments

and re ceipts both oc cur within the trust fund group.

Off setting re ceipts are gen er ally de ducted from bud get au -

thor ity and out lays by func tion, subfunction, or agency. There

are four types of re ceipts, how ever, that are de ducted from bud -

get to tals as un dis trib uted off set ting re ceipts. They are: (1)

agen cies’ pay ments (in clud ing pay ments by off-budget Fed eral 

en ti ties) as em ploy ers into em ploy ees’ re tire ment funds; (2) in -

ter est re ceived by trust funds; (3) rents and roy al ties on the

Outer Con ti nen tal Shelf lands; and (4) other in ter est (i.e., that

col lected on Outer Con ti nen tal Shelf money in de posit funds

when such money is trans ferred into the bud get).

The Gov ern ment has used the uni fied bud get con cept set

forth in the “ Re port of the Pres i dent’s Com mis sion on Bud get

Con cepts” as a foun da tion for its bud get ary anal y sis and pre -

sen ta tion since 1969. The con cept calls for the bud get to in clude 

all of the Gov ern ment’s fis cal trans ac tions with the pub lic.

Since 1971, how ever, var i ous laws have been en acted re mov ing 

sev eral Fed eral en ti ties from (or cre at ing them out side of) the

bud get. Other laws have moved cer tain off-budget Fed eral en ti -

ties onto the bud get. Un der cur rent law, the off-budget Fed eral

en ti ties con sist of the two So cial Se cu rity trust funds, Fed eral

Old-Age and Sur vi vors In sur ance and the Fed eral Dis abil ity In -

sur ance Trust Fund, and the Postal Ser vice.

Al though an off-budget Fed eral en tity’s re ceipts, out lays,

and sur plus or def i cit or di narily are not sub ject to tar gets set by

the Con gres sio nal res o lu tion, the Bal anced Bud get and Emer -

gency Def i cit Con trol Act of 1985 [com monly known as the

Gramm-Rudman-Hollings Act as amended by the Bud get En -

force ment Act of 1990 (2 United States Code 900-922)] in cluded

off-budget sur plus or def i cit in cal cu lat ing def i cit tar gets un der

that act and in cal cu lat ing ex cess def i cit. Partly for this rea son, at -

ten tion has fo cused on both on- and off-budget re ceipts, out lays

and def i cit of the Gov ern ment.

Ta bles FFO-1, FFO-2 and FFO-3 are pub lished quar terly

and cover 5 years of data, es ti mates for 2 years, de tail for 13

months, and fis cal year-to-date data. They pro vide a sum mary of

data re lat ing to Fed eral fis cal op er a tions re ported by Fed eral en tities and dis burs ing of fi cers, and daily re ports from the FRBs.

They also de tail ac count ing trans ac tions af fect ing re ceipts and

out lays of the Gov ern ment and off-budget Fed eral en ti ties and

their re lated ef fect on as sets and li a bil i ties of the Gov ern ment.

Data are de rived from the “Monthly Trea sury State ment of Re -

ceipts and Out lays of the United States Gov ern ment.”
10 FED ERAL FIS CAL OP ER A TIONS

• Ta ble FFO-1 sum ma rizes the amount of to tal re ceipts,

out lays, and sur plus or def i cit, as well as trans ac tions in Fed -

eral se cu ri ties, mon e tary as sets and bal ances in Trea sury op er -

at ing cash.

• Ta ble FFO-2 in cludes on- and off-budget re ceipts by

source. Amounts rep re sent in come taxes, so cial in sur ance

taxes, net con tri bu tions for other in sur ance and re tire ment, ex -

cise taxes, es tate and gift taxes, cus toms du ties and net mis cella neous re ceipts.

• Ta ble FFO-3 de tails on- and off-budget out lays by

agency.

• Ta ble FFO-4 sum ma rizes on- and off-budget re ceipts

by source and out lays by func tion as re ported to each ma jor

fund group clas si fi ca tion for the cur rent fis cal year to date and

prior fis cal year to date. 

• Ta ble FFO-5 sum ma rizes in ter nal rev e nue re ceipts by

re gions and dis tricts and by type of tax. Amounts re ported are

col lec tions made in a fis cal year. They span sev eral tax li a bil -

ity years be cause they con sist of pre pay ments (es ti mated tax

pay ments and taxes with held by em ploy ers for in di vid ual in -

come and So cial Se cu rity taxes), pay ments made with tax re -

turns and sub se quent pay ments made af ter tax re turns are due

or are filed (that is, pay ments with de lin quent re turns or on de -

lin quent ac counts). 

 Amounts are re ported based on the pri mary fil ing ad dress 

pro vided by each tax payer or re port ing en tity. For multistate

cor po ra tions, the ad dress may re flect only the district where

such a cor po ra tion re ported its taxes from a prin ci pal of fice

rather than other districts where in come was earned or where

in di vid ual in come and So cial Se cu rity taxes were with held. In

Bud get Re sults and Fi nancing of the U.S. Gov ern ment 

and First-Quarter Re ceipts by Source

[Source: Of fice of Tax Anal y sis, Of fice of Tax Pol icy]

First-Quarter Re ceipts

The fol low ing cap sule anal y sis of bud get re ceipts,

by source, for the first quar ter of fis cal 2001 sup ple -

ments fis cal data re ported in the December is sue of

the “Trea sury Bul le tin.” At the time of that is sue’s

re lease, not enough data were avail able to an a lyze

ad e quately col lec tions for the quar ter.

In di vid ual in come taxes—In di vid ual in come tax re ceipts,

net of re funds, were $219.9 bil lion for the first quar ter of fis cal

2001. This is an in crease of $4.4 bil lion over the com pa ra ble

prior year quar ter. With held re ceipts in creased by $3.7 bil lion

and non-withheld re ceipts in creased by $0.8 bil lion dur ing this

pe riod. Re funds in creased by $0.1 bil lion over the com pa ra ble

fis cal 2000 quar ter. There was a de crease of $2.3 bil lion in ac -

count ing ad just ments be tween in di vid ual in come tax re ceipts

and the So cial Se cu rity and Medicare trust funds over the com -

pa ra ble quar ter in fis cal 2000.

Cor po ra tion in come taxes—Net cor po rate in come tax re -

ceipts were $55.1 bil lion for the first quar ter of fis cal 2001. 

This is an in crease of $6.3 bil lion com pared to the prior year

first quar ter. The $6.3 bil lion change is com prised of an in -

crease of $7.5 bil lion in es ti mated and fi nal pay ments, and an

in crease of $1.2 bil lion in cor po rate re funds.

Em ploy ment taxes and con tri bu tions—Em ploy ment

taxes and con tri bu tions re ceipts for the first quar ter of fis cal

2001 were $146.7 bil lion, an in crease of $10.8 bil lion over the

com pa ra ble prior year quar ter. Re ceipts to the Fed eral Old-Age 

and Sur vi vors In sur ance, Fed eral Dis abil ity In sur ance, and

Fed eral Hos pi tal In sur ance trust funds changed by $3.2 bil lion,

$1.1 bil lion, and $6.6 bil lion re spec tively. There was a $1.1 billion ac count ing ad just ment for prior years em ploy ment tax li a -

bil i ties made in the first quar ter of fis cal 2001, while there

was a -$1.3 bil lion ad just ment in the first quar ter of fis cal

2000.

Un em ploy ment in sur ance—Un em ploy ment in sur ance

re ceipts, net of re funds, for the first quar ter of fis cal 2001

were $4.2 bil lion, a neg li gi ble change over the com pa ra ble

quar ter of fis cal 2000. Net State taxes de pos ited in the U.S.

Trea sury did not change sig nif i cantly from $3.3 bil lion. Net 

Fed eral Un em ploy ment Tax Act (FUTA) taxes did not

change sig nif i cantly from $0.9 bil lion.

Con tri bu tions for other in sur ance and re tire ment—

Con tri bu tions for other re tire ment were $1.2 bil lion for the

first quar ter of fis cal 2001. This was a neg li gi ble change

from the com pa ra ble quar ter of fis cal 2000. 

Ex cise taxes—Net ex cise tax re ceipts for the first quar ter

of fis cal 2001 were $16.1 bil lion, an in crease of $0.2 bil lion

over the com pa ra ble prior year quar ter. To tal ex cise tax re -

funds for the quar ter were $0.2 bil lion, an in crease of $0.1

bil lion over the com pa ra ble prior year quar ter.

Es tate and gift taxes—Net es tate and gift tax re ceipts

were $6.9 bil lion for the first quar ter of fis cal 2001. These

re ceipts rep re sent a de crease of $0.7 bil lion over the same

quar ter in fis cal 2000.

Cus toms du ties— Cus toms du ties net of re funds were

$5.0 bil lion for the first quar ter of fis cal 2001. This is not a

sig nif i cant change over the com pa ra ble prior year quar ter.

Mis cel la neous re ceipts—Net mis cel la neous re ceipts for

the first quar ter of fis cal 2001 were $6.2 bil lion, a de crease

of $3.3 bil lion over the com pa ra ble prior year quar ter. This

change is due in part to de pos its of earn ings by Fed eral Re -

serve Banks de creas ing by $2.7 bil lion.
FED ERAL FIS CAL OP ER A TIONS 11

Bud get Re sults and Fi nancing of the U.S. Gov ern ment 

and First-Quarter Re ceipts by Source, con.

To tal On- and Off-Budget Re sults and Fi nancing of the U.S. Gov ern ment

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 First quar ter Oct. - Dec. Ac tual fis cal year to date

To tal on- and off-budget re sults:

To tal re ceipts ................................................. 461,265 461,265

On-budget re ceipts........................................... 352,073 352,073

Off-budget re ceipts........................................... 109,193 109,193

To tal out lays.................................................. 463,610 463,610

On-budget out lays ............................................ 365,323 365,323

Off-budget out lays ............................................ 98,287 98,287

To tal sur plus or def i cit (-) ........................................ -2,345 -2,345

On-budget sur plus or def i cit (-) .................................. -13,250 -13,250

Off-budget sur plus or def i cit (-) .................................. 10,906 10,906

Means of fi nanc ing:

Bor rowing from the pub lic ....................................... -25,030 -25,030

Re duc tion of op er at ing cash ..................................... 31,590 31,590

Other means ................................................. -4,215 -4,215

To tal on- and off-budget fi nanc ing ...............................

2,345 2,345

First-Quarter Net Bud get Re ceipts by Source, Fis cal 2001

[In bil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

Source Oct. Nov. Dec.

In di vid ual in come taxes......................................... 76.0 60.5 83.5

Cor po rate in come taxes......................................... 1.7 2.0 51.3

Em ploy ment taxes and con tri bu tions............................... 45.2 48.5 52.9

Un em ploy ment in sur ance ....................................... 1.5 2.4 0.3

Con tri bu tions for other in sur ance and re tire ment...................... 0.4 0.4 0.4

Ex cise taxes .................................................. 4.2 6.0 5.9

Es tate and gift taxes............................................ 2.9 2.1 1.9

Cus toms du ties ............................................... 1.9 1.6 1.5

Mis cel la neous re ceipts.......................................... 1.3 1.9 2.9

To tal bud get re ceipts .........................................

135.1 125.7 200.5

 Note: De tail may not sum to to tals due to in de pend ent round ing.
12 FED ERAL FIS CAL OP ER A TIONS

CHART FFO-B.—

Budget Receipts

by Source, Fiscal

Year to Date,

2000-2001

0

50

100

150

200

250

300

350

400

Individ ua l

income

taxe s

Social

insu ra nce

a nd

retireme nt

re ceipt s

Corpo ra te

inc ome

ta xes

Exc is e

ta xes

Mis c .

rec eipts

Estat e/ gift

tax es

Cust oms

dut ie s

(In b illions o fdo la rs )

2001

2000 *

* Prior-year data are for the com pa ra ble pe riod.

CHART FFO-A.—

Monthly Receipts and Outlays, 2000-2001

-50

0

50

100

150

200

250

300

J F M A M J J A S O N D J

(In b illion s of do lla rs)

On-bu dg e t

re c eip ts

Of-bu dg et

re c eip ts

On-bu dg e t

o ut lay s

Of-bu dg et

o ut lay s
FED ERAL FIS CAL OP ER A TIONS 13

TA BLE FFO-1.—Sum mary of Fis cal Op er a tions

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

Means of fi nanc ing

 -net trans ac tions

 Bor rowing from

 To tal on-budget and off-budget re sults the pub lic—

To tal On-budget Off-budget Fed eral

sur plus sur plus sur plus se cu ri ties

or or or Pub lic

To tal On-budget Off-budget To tal On-budget Off-budget def i cit def i cit def i cit debt

Fis cal year re ceipts re ceipts re ceipts out lays out lays out lays (-) (-) (-) se cu ri ties

or month (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

1996 1 ............. 8,088 131,266 129,713 6,276 -408 -4,626 746 -21,009 615 107,331

1997 1 ............. -1,857 149,606 38,171 -603 338 -3,034 -1,383 -20,711 472 22,618

1998 1 ............. -3,814 160,067 -51,051 -4,743 108 3,381 7,110 -13,701 569 -70,039

1999 .............. r -854 216,070 r -88,694 17,580 2,178 783 -1,173 r -17,307 1,009 r -124,360

2000 .............. -832 r 245,736 r -222,807 -3,799 4,033 908 -6,292 r -16,027 -3,213 r -236,897

2000 - Est........... -354 235,216 -184,308 -6,458 * * * -33,637 * -211,487

1999 - Dec .......... -1,840 44,812 35,749 77,248 1,010 -141 -760 8,526 - -33,081

2000 - Jan .......... -348 19,428 -83,985 -20,592 -136 -387 -228 490 - -62,152

Feb .......... -87 6,206 17,131 -40,773 76 -124 -143 -16,362 1 41,734

Mar .......... 75 -43 39,746 22,808 60 -191 296 18,680 -73 35,380

Apr .......... -213 25,239 -112,667 47,787 788 61 -2,464 -227 -431 -159,497

May.......... -280 15,523 -53,755 -69,470 187 -321 -32 -11,294 -976 3,611

June ......... 618 62,966 -23,131 34,350 1,135 -726 51 2,729 -676 -55,888

July .......... -554 6,989 -31,307 -23,384 -187 -51 -342 2,750 -468 -5,061

Aug .......... -82 8,550 9,995 -20,874 93 79 -1,283 -20,917 -636 10,427

Sept ......... 31 r 29,662 r -32,470 39,479 966 927 -114 r 7,956 46 r -65,726

Oct .......... -458 13,190 -29,666 -42,653 -147 725 -158 166 -1,412 11,321

Nov.......... 35 9,444 41,325 1,432 200 96 -38 -15,474 -471 23,690

Dec.......... 128 -9,299 -36,689 9,632 1,169 -651 1,335 16,494 -985 -32,666

Fis cal 2001 to date.... -295 13,334 -25,030 -31,590 1,222 173 1,138 1,186 -2,868 2,345

Means of fi nanc ing—net transactions, con.

Bor rowing from the pub lic— Cash and mon e tary assets (de duct)

Fed eral se cu ri ties, con. Re serve

In vest- po si tion Trans ac tions

ments of U.S. on the U.S. not ap plied

Agency Gov ern- Trea sury Spe cial quota in to year’s

securi- ment To tal op er at ing draw ing the IMF sur plus or To tal

Fis cal year ties ac counts 10+11-12 cash rights Other (de duct) Other def i cit fi nanc ing

or month (11) (12) (13) (14) (15) (16) (17) (18) (19) (20)

* Less than $500,000.

1

 Data for the pe riod do not re flect postyear ad just ments pub lished in the “Monthly Trea sury

State ment of Re ceipts and Out lays of the United States Gov ern ment,” the source for this ta ble.

 Note.—These fig ures are based on the “Mid-Session Re view” of the fis cal 2001 bud get, re -

leased by the Of fice of Man age ment and Bud get on June 26, 2000. The es ti mates would be

mod i fied by the Ad min is tra tion’s pro posal to place the Medicare Hos pi tal In sur ance Trust Fund 

off-budget. This would shift that fund’s to tals of $87.0 bil lion in out lays, $146.6 bil lion in

receipts, and a sur plus of $59.5 bil lion, es ti mated for fiscal 2001, from on-budget to off-budget.

1996 1 ............ 1,452,763 1,085,271 367,492 1,560,094 1,259,638 300,455 -107,331 -174,367 67,036 252,891

1997 1 ............ 1,578,977 1,186,987 391,989 1,601,595 1,290,594 311,000 -22,618 -103,607 80,989 189,634

1998 1............ 1,721,421 1,305,621 415,800 1,651,383 1,334,781 316,602 70,039 -29,160 99,198 112,831

1999 ............. r 1,827,302 r 1,382,834 444,468 r 1,702,942 r 1,382,164 320,778 r 124,360 r 670 123,691 128,230

2000 ............. 2,025,038 1,544,455 480,583 r 1,788,140 r 1,457,375 330,765 r 236,897 r 87,079 149,818 23,761

2000 - Est ......... 2,013,105 1,534,878 478,227 1,801,618 1,471,592 330,026 211,487 63,286 148,201 51,262

1999 - Dec......... 201,196 162,772 38,424 168,114 165,503 2,611 33,081 -2,732 35,813 82,402

2000 - Jan ......... 189,478 143,838 45,640 127,326 97,451 29,874 62,152 46,387 15,765 -64,209

Feb ......... 108,675 71,090 37,585 150,409 118,340 32,069 -41,734 -47,250 5,516 23,425

Mar ......... 135,582 94,587 40,996 170,962 137,864 33,098 -35,380 -43,278 7,897 39,628

Apr ......... 295,148 244,662 50,486 135,651 105,742 29,909 159,497 138,920 20,577 -87,214

May ........ 146,002 107,469 38,533 149,612 114,829 34,783 -3,611 -7,360 3,750 -37,953

June........ 214,875 168,318 46,556 158,986 152,307 6,679 55,888 16,012 39,877 39,216

July ......... 134,074 97,681 36,393 129,013 99,404 29,609 5,061 -1,723 6,784 -23,764

Aug ......... 138,128 101,429 36,699 148,555 115,540 33,016 -10,427 -14,110 3,683 18,627

Sept ........ 219,471 176,692 42,779 r 153,744 r 114,843 38,901 r 65,726 r 61,849 3,878 -2,839

Oct ......... 135,111 101,120 33,990 146,431 115,839 30,592 -11,321 -14,719 3,398 -16,018

Nov ......... 125,666 89,215 36,450 149,356 116,736 32,620 -23,690 -27,521 3,831 50,734

Dec ......... 200,489 161,737 38,752 167,823 132,747 35,075 32,666 28,990 3,677 -46,117

Fis cal 2001 to date . . 461,265 352,073 109,193 463,610 365,323 98,287 -2,345 -13,250 10,906 -11,400
14 FED ERAL FIS CAL OP ER A TIONS

TA BLE FFO-2.—On-budget and Off-budget Re ceipts by Source

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

 So cial insurance

and re tire ment re ceipts 

 Em ploy ment and gen eral re tire ment 

In come taxes Old-age, dis abil ity, and

Fis cal year In di vid ual Cor po ra tion Net in come hos pi tal in sur ance

or month With held Other Re funds Net Gross Re funds Net taxes Gross Re funds Net

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1996 1 ............. 3,966 93 3,872 476,362 28,687 103 28,584 4,389 80 4,469

1997 1 ............. 4,063 12 4,052 506,750 28,307 105 28,202 4,344 74 4,418

1998 1 ............. 4,381 28 4,353 540,016 27,595 111 27,484 4,261 74 4,335

1999 .............. 4,150 7 4,143 580,880 26,655 175 26,480 4,399 73 4,472

2000 .............. 4,348 8 4,338 620,447 27,755 115 27,641 4,693 70 4,763

2000 - Est .......... 4,260 - 4,260 616,846 27,188 - 27,188 4,592 74 4,666

1999 - Dec .......... 389 * 389 47,742 268 2 266 407 5 412

2000 - Jan .......... 415 * 414 58,819 1,323 4 1,319 339 6 346

Feb .......... 388 * 388 47,859 2,280 * 2,280 371 5 376

Mar .......... 452 4 447 52,565 336 19 317 441 6 447

Apr .......... 353 * 352 65,095 2,578 22 2,557 364 7 370

May.......... 466 3 464 49,212 10,789 11 10,778 398 5 403

June......... -44 * -44 60,034 323 12 311 420 7 426

July .......... 465 6 459 47,136 2,161 17 2,145 365 4 369

Aug .......... 394 * 394 48,132 3,600 16 3,584 359 7 366

Sept ......... 347 -7 354 55,682 175 7 168 437 7 443

Oct .......... 410 2 408 45,247 1,512 3 1,509 395 4 399

Nov.......... 301 * 301 48,536 2,435 4 2,431 410 7 416

Dec.......... 334 * 334 52,932 264 4 260 361 6 367

Fis cal 2001 to date ... 1,045 2 1,043 146,715 4,211 11 4,200 1,166 17 1,183

 So cial in sur ance and re tire ment re ceipts, con. 

 Em ploy ment and gen eral re tire ment, con. Net for other

Net Un em ploy ment in sur ance in sur ance and re tire ment

em ploy ment Net Fed eral

Fis cal year Rail road re tire ment and gen eral un em ploy ment em ploy ees Other

or month Gross Re funds Net re tire ment Gross Re funds in sur ance re tire ment re tire ment To tal

(12) (13) (14) (15) (16) (17) (18) (19) (20) (21)

See foot note at end of ta ble.

1996 1.............. 533,080 212,234 88,897 656,417 189,055 17,231 171,824 828,241 474,134 1,644 472,490

1997 1.............. 580,207 250,819 93,560 737,466 204,492 22,199 182,294 919,760 503,749 1,051 502,698

1998 1.............. 646,483 281,590 99,476 828,597 213,270 24,593 188,677 1,017,274 537,733 2,071 535,662

1999 .............. 693,940 308,246 122,706 879,480 216,325 31,645 184,680 1,064,160 578,244 1,508 576,736

2000 .............. 780,397 358,110 134,046 1,004,461 235,655 28,367 207,288 1,211,749 618,075 1,965 616,110

2000 - Est ........... 998,867 - - 998,867 202,692 - 202,692 1,201,559 612,586 - 612,586

1999 - Dec .......... 88,311 7,373 1,149 94,535 46,486 1,540 44,946 139,481 47,353 - 47,353

2000 - Jan........... 65,922 46,557 1,173 111,306 7,135 1,800 5,335 116,641 58,405 - 58,405

Feb .......... 65,868 3,738 23,875 45,731 4,903 3,126 1,777 47,508 47,471 - 47,471

Mar .......... 75,161 7,867 38,239 44,789 27,546 3,273 24,272 69,061 52,117 - 52,117

Apr ........... 56,113 155,467 27,343 184,237 30,256 2,562 27,694 211,931 64,743 - 64,743

May.......... 65,946 23,359 25,619 63,687 7,427 1,654 5,773 69,460 48,750 - 48,750

June.......... 59,516 44,169 3,228 100,458 41,899 1,366 40,534 140,992 60,078 - 60,078

July .......... 64,474 4,068 2,241 66,301 6,605 1,592 5,013 71,314 46,677 - 46,677

Aug .......... 62,057 7,851 1,874 68,033 6,579 1,903 4,674 72,707 49,704 1,965 47,739

Sept.......... 59,766 48,230 3,593 104,402 46,183 2,746 43,437 147,839 55,328 - 55,328

Oct........... 68,287 8,799 1,118 75,969 7,113 5,404 1,709 77,678 44,839 - 44,839

Nov .......... 62,855 2,321 4,686 60,489 4,292 2,245 2,047 62,536 48,235 - 48,235

Dec .......... 78,133 6,468 1,116 83,485 53,192 1,886 51,307 134,792 52,598 - 52,598

Fis cal 2001 to date .... 209,275 17,588 6,920 219,943 64,597 9,535 55,063 275,006 145,672 - 145,672
FED ERAL FIS CAL OP ER A TIONS 15

TA BLE FFO-2.—On-budget and Off-budget Re ceipts by Source, con.

[In mil lions of dol lars. Source: “Monthly State ment of Re ceipts and Out lays of the United States Gov ern ment”]

So cial in sur ance

 and re tire ment 

re ceipts,

con.

Net so cial insur- Ex cise taxes

 Fis cal year ance and Air port and Air way Trust Fund Black Lung Dis abil ity Trust Fund High way Trust Fund Mis cel la neous

or month re tire ment receipts Gross Re funds Net Gross Re funds Net Gross Re funds Net Gross Re funds Net

(22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34)

 Ex cise taxes, Net mis cel la neous re ceipts

con. De posits Uni ver sal ser-

 Net of earn ings vice fund To tal re ceipts

 Fis cal year ex cise Es tate and gift taxes Cus toms du ties by Fed eral and all On- Offor month taxes Gross Re funds Net Gross Re funds Net Re serve Banks other To tal bud get bud get

(35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46)

1996 1 ............. 54,015 17,592 403 17,189 19,788 1,117 18,671 20,477 4,755 25,232 1,085,271 367,492

1997 1............. 56,926 20,356 511 19,845 19,872 1,945 17,927 19,636 5,513 25,149 1,186,987 391,989

1998 1............. 57,669 24,631 555 24,076 19,689 1,392 18,297 24,540 7,730 32,270 1,305,621 415,800

1999 .............. 70,399 28,386 603 27,782 19,486 1,150 18,336 25,917 8,860 34,777 1,382,817 444,468

2000 .............. 68,866 29,722 711 29,010 21,139 1,226 19,913 32,293 10,354 42,647 1,544,455 480,583

2000 - Est.......... 70,055 30,081 - 30,081 19,621 - 19,621 32,899 10,190 43,089 1,534,878 478,227

1999 - Dec ......... 5,709 2,641 66 2,575 1,685 73 1,612 2,701 697 3,398 162,772 38,424

2000 - Jan.......... 5,316 2,146 30 2,116 1,543 85 1,457 2,481 983 3,464 143,838 45,640

Feb ......... 5,076 1,837 69 1,768 1,588 377 1,212 1,573 1,023 2,597 71,090 37,585

Mar ......... 5,722 2,438 59 2,379 1,799 119 1,681 2,482 930 3,412 94,587 40,996

Apr ......... 5,934 4,291 49 4,243 1,561 58 1,503 2,797 718 3,515 244,662 50,486

May ......... 5,391 2,546 67 2,480 1,682 83 1,598 5,949 729 6,678 107,469 38,533

June ........ 6,093 2,139 52 2,087 1,850 83 1,767 2,447 718 3,165 168,318 46,556

July ......... 6,022 1,919 47 1,872 1,858 77 1,781 2,584 851 3,435 97,681 36,393

Aug ......... 5,580 2,371 67 2,304 2,130 59 2,071 2,471 912 3,383 101,429 36,699

Sept......... 7,769 2,224 56 2,168 1,873 49 1,823 2,304 1,276 3,579 176,692 42,779

Oct ......... 4,235 2,966 98 2,868 1,972 72 1,900 1,024 251 1,275 101,120 33,990

Nov ......... 6,030 2,214 73 2,141 1,737 97 1,640 1,252 684 1,935 89,215 36,450

Dec ......... 5,865 1,919 56 1,863 1,576 115 1,461 2,236 713 2,949 161,737 38,752

Fis cal 2001 to date . . 16,131 7,099 227 6,871 5,285 284 5,000 4,511 1,648 6,160 352,073 109,193

1996 1.............. 509,415 2,405 21 2,384 614 - 614 25,309 329 24,980 27,698 1,662 26,036

1997 1 .............. 539,371 4,044 37 4,007 614 - 614 24,665 798 23,867 29,368 931 28,437

1998 1 .............. 571,835 7,556 43 7,513 636 - 636 26,515 805 25,710 24,524 714 23,810

1999 ............... 611,832 10,395 4 10,391 596 - 596 40,325 1,148 39,177 20,760 524 20,236

2000 ............... 652,851 9,784 46 9,739 518 - 518 36,514 1,015 35,499 23,831 721 23,110

2000 - Est ........... 648,700 9,222 - 9,222 577 - 577 34,311 - 34,311 25,945 - 25,945

1999 - Dec ........... 48,421 737 - 737 30 - 30 2,523 - 2,523 2,465 46 2,420

2000 - Jan ........... 60,484 664 - 664 52 - 52 2,842 - 2,842 1,804 45 1,759

Feb ........... 50,514 736 13 724 48 - 48 2,644 291 2,353 2,024 73 1,951

Mar ........... 53,329 685 * 685 23 - 23 2,092 2 2,090 3,034 110 2,924

Apr ........... 68,022 775 - 775 47 - 47 2,617 - 2,617 2,548 53 2,495

May .......... 60,394 849 13 836 52 - 52 3,475 229 3,246 1,277 20 1,257

June .......... 60,771 952 - 952 24 - 24 3,799 - 3,799 1,409 91 1,318

July ........... 49,650 789 - 789 53 - 53 3,511 - 3,511 1,715 45 1,669

Aug ........... 52,082 864 9 855 49 - 49 3,465 278 3,187 1,545 57 1,488

Sept .......... 56,293 1,497 11 1,487 51 - 51 4,640 216 4,424 1,863 56 1,807

Oct ........... 47,155 496 - 496 37 - 37 2,078 1 2,077 1,681 56 1,625

Nov ........... 51,383 876 - 876 49 - 49 2,805 - 2,805 2,348 48 2,300

Dec ........... 53,559 596 - 596 6 - 6 1,533 - 1,533 3,851 120 3,730

Fis cal 2001 to date .... 152,097 1,968 - 1,968 92 - 92 6,416 1 6,415 7,880 224 7,656

1

 Data for the pe riod do not re flect postyear ad just ments pub lished in the “Monthly Trea sury

State ment of Re ceipts and Out lays of the United States Gov ern ment,” the source for this ta ble.

 Note.—These fig ures are based on the “Mid-Session Re view” of the fis cal 2001 bud get, re -

leased by the Of fice of Man age ment and Bud get on June 26, 2000. The es ti mates would be

mod i fied by the Ad min is tra tion’s pro posal to place the Medicare Hos pi tal In sur ance Trust Fund 

off-budget. This would shift that fund’s to tals of $87.0 bil lion in out lays, $146.6 bil lion in re -

ceipts, and a sur plus of $59.5 bil lion, es ti mated for fis cal 2001, from on-budget to off-budget.
16 FED ERAL FIS CAL OP ER A TIONS

TA BLE FFO-3.—On-budget and Off-budget Out lays by Agency

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

De part- De part ment De part ment

Legis- De part- De part- ment of De part- De part- of Health of Housing De part- De part- De part-

 Fis cal year lative Ju di cial ment of ment of De fense, ment of ment of and Hu man and Ur ban ment of ment of ment of

or month branch branch Ag ri cul ture Com merce mil i tary Ed u ca tion En ergy Ser vices De vel op ment the In te rior Jus tice La bor

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

1996 1.............. 2,272 3,061 54,338 3,703 253,258 29,900 16,199 319,803 25,512 6,720 11,951 32,496

1997 1.............. 2,361 3,259 52,558 3,780 258,330 30,013 14,470 339,492 27,833 6,724 14,291 30,461

1998 1.............. 2,543 3,463 53,949 4,047 256,136 30,492 14,444 350,564 30,224 7,234 16,129 30,003

1999 ............... r 2,612 3,793 r 62,839 5,036 261,379 32,435 r 16,054 359,700 32,736 r 7,814 18,318 32,459

2000 ............... 2,913 4,087 r 75,658 7,931 r 281,234 33,308 15,010 382,627 30,830 r 8,020 19,561 r 31,355

2000 - Est ........... 3,197 4,378 75,338 8,095 277,476 35,026 15,275 390,050 32,177 8,385 19,935 33,207

1999 - Dec .......... 233 316 7,805 511 29,953 3,037 1,583 36,632 4,263 926 1,532 3,300

2000 - Jan........... 229 304 7,580 380 16,557 2,756 837 25,951 630 572 1,572 3,032

Feb .......... 192 315 4,814 503 21,178 3,185 1,029 30,813 2,292 706 1,567 2,572

Mar .......... 237 408 4,183 729 28,278 4,293 1,136 38,100 3,667 565 1,876 2,350

Apr ........... 209 306 4,467 731 20,425 2,534 1,080 27,601 1,924 597 1,438 2,589

May.......... 271 319 3,841 1,406 22,708 2,997 1,222 32,255 2,732 491 1,894 2,401

June.......... 219 323 4,470 983 28,523 2,689 1,384 36,311 3,573 783 1,604 2,621

July .......... 201 322 3,462 594 18,665 1,415 1,097 27,909 1,546 516 1,406 2,620

Aug .......... 187 346 4,421 631 23,683 3,513 1,121 34,894 2,456 573 1,687 2,752

Sept.......... 197 411 r 10,048 485 r 27,142 1,483 1,973 31,676 2,267 r 980 1,595 2,504

Oct........... 521 283 8,379 511 20,093 2,558 1,245 34,353 2,932 858 1,878 2,601

Nov .......... 229 401 6,756 490 23,335 2,756 1,261 33,622 2,860 786 2,057 2,596

Dec .......... 229 338 7,248 442 28,040 4,032 1,447 35,379 3,748 670 1,728 2,892

Fis cal 2001 to date .... 979 1,022 22,382 1,443 71,468 9,346 3,954 103,353 9,540 2,314 5,663 8,090

1996 1 .............. 4,953 38,777 343,955 21,375 36,915 - 32,535 6,046 202 - 625 9,716

1997 1 .............. 5,237 39,838 355,796 23,585 39,279 - 33,833 6,167 219 - 1,083 10,191

1998 1.............. 4,585 39,468 363,824 26,276 41,775 3,833 31,215 6,300 213 2,101 1,136 9,001

1999 ............... r 6,463 r 41,836 353,511 r 33,191 43,169 4,186 32,008 6,752 416 4,040 -46 r 10,061

2000 ............... 6,849 r 45,965 362,118 r 29,125 47,087 4,334 32,861 r 7,240 284 r 3,143 25 12,084

2000 - Est ........... 8,402 45,981 362,067 30,793 46,705 4,491 33,008 7,040 267 3,373 521 10,515

1999 - Dec .......... 1,280 3,814 73,268 1,492 5,309 505 2,700 617 20 366 -305 2,491

2000 - Jan........... 517 3,198 19,690 1,548 1,982 273 2,749 518 20 266 -52 849

Feb .......... 545 2,938 20,779 13,230 3,743 353 2,752 532 48 281 -9 987

Mar .......... 481 3,743 20,889 8,076 5,857 332 2,771 691 25 233 137 369

Apr ........... 483 3,180 19,879 3,016 2,174 327 2,779 553 21 208 45 1,457

May.......... 486 3,900 26,802 2,312 4,015 330 2,765 637 23 216 101 499

June.......... 478 4,228 75,884 1,494 5,279 423 2,742 629 20 279 46 528

July .......... 536 3,787 19,333 1,453 1,921 355 2,743 544 21 120 -108 1,344

Aug .......... 458 4,856 22,301 471 r 3,719 403 2,755 646 22 140 -107 852

Sept.......... 566 r 4,181 18,231 r -4,203 r 5,618 399 2,751 r 771 21 r 150 -230 r 959

Oct........... 1,010 4,731 19,755 479 2,247 397 2,742 670 17 248 426 748

Nov .......... 671 4,216 25,690 571 3,623 440 2,796 565 22 248 -396 669

Dec .......... 862 4,043 19,506 649 5,493 413 2,791 607 17 258 167 4,264

Fis cal 2001 to date .... 2,543 12,990 64,951 1,700 11,363 1,250 8,329 1,842 56 755 197 5,683

 De part ment of 

 De part- the Trea sury, De part- De part- Other En vi ron- Fed eral Gen eral InterDe part- ment of in ter est ment of the ment of Corps De fense, men tal Ex ec u tive Emer gency Ser vices na tional

Fis cal year ment Transpor- on the Trea sury, Vet erans o f civil Pro tec tion Of fice of the Man age ment Admin- As sis tance

or month of State tation Pub lic Debt other Af fairs Engineers pro grams Agency Pres i dent Agency istration Pro gram

(13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24)

See foot note at end of ta ble.
FED ERAL FIS CAL OP ER A TIONS 17

TA BLE FFO-3.—On-budget and Off-budget Out lays by Agency, con.

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

Na tional Un dis trib uted off set ting re ceipts 

 Aero nau tics Rents and

and Na tional Of fice of Small So cial Em ployer In ter est roy al ties Al lowSpace Sci ence Per son nel Busi ness Se cu rity Indepen- share, re ceived on the Outer ances To tal outays

Fis cal year Adminis- Foun- Man age- Adminis- Admin- dent em ployee by trust Con ti nen tal and On- Offor month tration dation ment tration istration agen cies re tire ment funds Shelf lands other bud get bud get

(25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36)

1996 1.............. 13,882 - 42,872 872 375,232 8,578 -33,536 -98,029 -3,741 -343 1,259,638 300,455

1997 1 .............. 14,358 - 45,385 334 393,309 4,378 -34,256 -104,992 -4,711 -11,011 1,290,594 311,000

1998 1.............. 14,206 3,188 46,307 -78 408,202 11,641 -34,872 -113,838 -4,522 -7,803 1,334,781 316,602

1999 ............... r 13,665 3,285 47,515 58 419,790 r 6,943 -35,594 -118,634 -3,098 -1,754 r 1,382,164 320,778

2000 ............... 13,442 3,487 48,660 -422 441,810 r 10,361 -37,851 -128,911 -4,580 -1,503 r 1,457,375 330,765

2000 - Est ........... 13,447 3,596 49,352 -408 442,259 10,870 -38,525 -129,601 -4,065 -1,009 1,471,592 330,026

1999 - Dec .......... 1,305 294 4,175 43 37,719 528 -2,857 -54,561 -183 * 165,503 2,611

2000 - Jan........... 818 222 4,207 49 33,485 -139 -2,704 -145 -424 - 97,451 29,874

Feb .......... 1,030 315 3,768 -962 35,956 -491 -2,767 -1,523 -263 * 118,340 32,069

Mar .......... 1,214 281 4,081 166 38,488 1,691 -2,963 -1,119 -307 * 137,864 33,098

Apr ........... 1,065 252 4,360 213 33,759 929 -2,755 -100 -93 * 105,742 29,909

May .......... 1,183 258 3,820 37 38,100 960 -2,918 -5,674 -779 * 114,829 34,783

June.......... 1,276 318 4,082 51 43,109 -4,083 -2,936 -57,907 -435 * 152,307 6,679

July .......... 972 316 4,303 23 34,301 2,552 -2,831 -86 -837 -1,502 99,404 29,609

Aug .......... 1,197 379 4,050 -430 36,994 -1,414 -2,827 -1,727 -448 * 115,540 33,016

Sept .......... 1,196 317 4,118 298 r 39,708 r 5,317 -6,638 -420 -127 * r 114,843 38,901

Oct........... 1,153 262 4,288 64 34,663 954 -2,837 -859 -938 * 115,839 30,592

Nov .......... 1,217 304 3,872 160 36,599 262 -2,932 -5,778 -616 * 116,736 32,620

Dec .......... 1,316 295 4,308 -74 40,046 1,537 -2,733 -1,979 -156 - 132,747 35,075

Fis cal 2001 to date .... 3,685 860 12,467 150 111,309 2,752 -8,501 -8,616 -1,710 * 365,323 98,287

* Less than $500,000.

1

 Data for the pe riod do not re flect postyear ad just ments pub lished in the “Monthly Trea sury

State ment of Re ceipts and Out lays of the United States Gov ern ment,” the source for this ta ble.

 Note.—These fig ures are based on the “Mid-Session Re view” of the fis cal 2001 bud get, re -

leased by the Of fice of Man age ment and Bud get on June 26, 2000. The es ti mates would be

mod i fied by the Ad min is tra tion’s pro posal to place the Medicare Hos pi tal In sur ance Trust Fund 

off-budget. This would shift that fund’s to tals of $87.0 bil lion in out lays, $146.6 bil lion in re -

ceipts, and a sur plus of $59.5 bil lion, es ti mated for fis cal 2001, from on-budget to off-budget.
18 FED ERAL FIS CAL OP ER A TIONS

Bud get re ceipts:

Individual income taxes....................... 219,942 1 - 219,943 215,516 1 - 215,517

Corporation income taxes..................... 55,063 - - 55,063 48,779 - - 48,779

So cial in sur ance and re tire ment re ceipts:

 Employment and

 general retirement (off-budget) ............ - - 109,193 109,193 - - 104,916 104,916

 Employment and

 general retirement (on-budget) ............ - - 37,522 37,522 - - 30,997 30,997

 Unemployment insurance .................. - - 4,200 4,200 - - 4,183 4,183

 Other retirement.......................... - - 1,183 1,183 - - 1,216 1,216

Excise taxes ............................... 7,360 151 8,619 16,131 5,982 123 9,859 15,963

Estate and gift taxes ......................... 6,871 - - 6,871 7,594 - - 7,594

Customs duties............................. 3,260 1,534 207 5,000 3,311 1,534 175 5,020

Miscellaneous receipts ....................... 4,240 1,761 158 6,160 7,658 1,697 65 9,421

 Total receipts...........................

296,736 3,448 161,082 461,265 288,840 3,355 151,411 443,606

 (On-budget)...........................

296,736 3,448 51,889 352,073 288,840 3,355 46,495 338,689

 (Off-budget)...........................

- - 109,193 109,193 - - 104,916 104,916

Bud get out lays:

Legislative branch........................... 655 272 52 979 649 316 5 970

Judicial branch ............................. 907 107 8 1,022 810 255 -32 1,033

Department of Agriculture..................... 11,449 10,677 257 22,382 11,559 16,788 23 28,370

Department of Commerce..................... 1,367 76 * 1,443 1,352 137 * 1,489

Department of Defense-military ................ 69,842 1,576 50 71,468 72,394 1,580 101 74,075

Department of Education ..................... 9,362 -16 * 9,346 8,458 -16 * 8,443

Department of Energy ........................ 4,867 -913 - 3,954 4,980 -850 * 4,130

Department of Health and Human Services....... 66,226 56 37,072 103,353 61,817 32 35,268 97,116

Department of Housing and Urban Development... 9,915 -375 * 9,540 9,996 -254 - 9,742

Department of the Interior..................... 2,154 93 67 2,314 2,052 58 125 2,235

Department of Justice ........................ 4,526 235 903 5,663 3,414 216 1,292 4,921

Department of Labor......................... 2,646 -126 5,570 8,090 2,242 200 5,473 7,914

Department of State ......................... 2,313 128 102 2,543 2,181 53 65 2,299

Department of Transportation.................. -841 44 13,787 12,990 -1,638 -53 13,645 11,954

De part ment of theTreasury:

 Interest on the public debt.................. 64,951 - - 64,951 118,331 - - 118,331

 Other .................................. 1,987 -388 101 1,700 2,085 -458 102 1,729

Department of Veterans Affairs ................. 11,347 -180 197 11,364 12,681 -95 194 12,780

Corps of Engineers.......................... 1,052 185 13 1,250 802 147 191 1,140

Other defense civil programs .................. 16,105 * -7,777 8,329 15,317 * -7,264 8,052

Environmental Protection Agency............... 2,177 -21 -314 1,842 2,113 -27 -368 1,718

Executive Office of the President ............... 56 * * 56 61 * * 61

Federal Emergency Management Agency ........ 796 -41 * 755 935 314 * 1,249

General Services Administration................ 47 151 * 197 48 154 - 202

International Assistance Program ............... 6,593 -258 -652 5,683 4,752 -76 -435 4,241

National Aeronautics and Space Administration .... 3,688 - -3 3,685 3,493 - * 3,493

National Science Foundation .................. 862 * -2 860 823 * 5 829

Office of Personnel Management ............... 1,344 * 11,123 12,467 1,227 1 10,641 11,869

Small Business Administration ................. 186 -36 * 150 223 -93 * 131

Social Security Administration.................. 9,836 * 101,473 111,308 13,908 * 94,004 107,911

Other independent agencies................... 2,357 -1,608 2,005 2,754 2,221 815 2,004 5,040

Un dis trib uted off set ting re ceipts:

 Interest................................. - - -8,616 -8,616 - - -60,211 -60,211

 Other ..................................

-1,710 * -8,501 -10,212 -866 * -8,511 -9,377

 Total outlays...........................

307,061 9,635 146,913 463,610 358,420 19,145 86,317 463,882

 (On-budget)...........................

307,061 10,739 47,522 365,323 358,420 20,010 22,626 401,055

 (Off-budget)...........................

- -1,104 99,391 98,287 - -865 63,691 62,827

 Surplus (+) or deficit (-) ...................

-10,326 -6,187 14,169 -2,345 -69,580 -15,790 65,094 -20,276

 (On-budget)...........................

-10,326 -7,291 4,367 -13,250 -69,580 -16,655 23,869 -62,366

 (Off-budget)...........................

- 1,104 9,802 10,906 - 865 41,225 42,090

- No trans ac tions.

* Less than $500,000.

TA BLE FFO-4.—Sum mary of U.S. Gov ern ment Re ceipts by Source and Out lays by Agency, 

Decem ber 2000 and Other Pe riods

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

This fis cal year to date Prior fis cal year to date

Clas si fi ca tion 

Gen eral funds

(1)

Man age ment,

 con sol i dated,

 re volv ing and

 spe cial funds

 (2)

 Trust funds

 (3)

To tal funds

(4) 

Gen eral funds

 (5)

Man age ment,

 con sol i dated,

 re volv ing and

 spe cial funds

(6)

Trust 

funds

 (7)

 To tal funds

(8)
19

IN TRO DUC TION: Source and Avail abil ity of the

 Bal ance in the Ac count of the U.S. Trea sury

The De part ment of Trea sury’s (Trea sury’s) op er at ing cash 

is main tained in ac counts with the Fed eral Re serve Banks

(FRBs) and branches, as well as in tax and loan ac counts in

other fi nan cial in sti tu tions. Ma jor in for ma tion sources in clude

FRBs, Trea sury Re gional Financial Cen ters, In ter nal Rev e nue

Ser vice Cen ters, Bu reau of the Pub lic Debt and var i ous elec -

tronic sys tems. As the FRB ac counts are de pleted, funds are

called in (with drawn) from thou sands of tax and loan ac counts

at fi nan cial in sti tu tions through out the coun try.

Un der au thor ity of Pub lic Law 95-147 (cod i fied at 31

United States Code 323), Trea sury im ple mented a pro gram on

No vem ber 2, 1978, to in vest a por tion of its op er at ing cash in

ob li ga tions of depositaries main tain ing tax and loan ac counts.

Un der the Trea sury tax and loan (TT&L) in vest ment pro gram,

de pos i tary fi nan cial in sti tu tions se lect the man ner in which

they will par tic i pate. Fi nan cial in sti tu tions wish ing to re tain

funds de pos ited into their tax and loan ac counts in in ter -

est-bearing ob li ga tions can par tic i pate. The pro gram per mits

Trea sury to col lect funds through fi nan cial in sti tu tions and to

leave the funds in TT&L depositaries and in the fi nan cial com -

mu ni ties in which they arise un til Trea sury needs the funds for

its op er a tions. In this way, Trea sury is able to neu tral ize the ef -

fect of its fluc tu at ing op er a tions on TT&L fi nan cial in sti tu tion

re serves and on the econ omy. Like wise, those in sti tu tions

wish ing to re mit the funds to the Trea sury ac count at FRBs do

so as col lec tor depositaries.

De posits to tax and loan ac counts oc cur as cus tom ers of fi -

nan cial in sti tu tions de posit tax pay ments, which the fi nan cial

in sti tu tions use to pur chase Gov ern ment se cu ri ties. In most

cases, this in volves a trans fer of funds from a cus tomer’s ac -

count to the tax and loan ac count in the same fi nan cial in sti tu -

tion. Also, Trea sury can di rect the FRBs to in vest ex cess funds

in tax and loan ac counts di rectly from the Trea sury ac count at

the FRBs.

TA BLE UST-1.—El e ments of Change in Fed eral Re serve

and Tax and Loan Note Ac count Bal ances

[In mil lions of dol lars. Source: Fi nan cial Man age ment Service]

See foot notes at end of ta ble.

1996 ............... 4,366,413 194,156 4,561,495 629,083 621,887 

1997 ............... 4,263,210 191,134 4,454,345 775,799 776,394 

1998 ............... 4,238,957 259,197 4,500,895 969,668 971,671 

1999 ............... 4,893,279 259,019 5,150,608 1,048,120 1,032,230 

2000 ............... 4,921,490 253,060 5,172,731 1,189,835 1,195,453 

1999 - Dec........... 459,798 29,680 466,101 134,558 80,688 

2000 - Jan ........... 417,210 19,554 459,047 95,482 93,793 

Feb .......... 429,393 18,612 449,120 87,679 127,337 

Mar .......... 498,369 22,969 521,985 114,557 91,103 

Apr ........... 484,630 21,079 494,199 103,024 66,748 

May .......... 443,369 19,902 473,694 90,790 149,837 

June.......... 400,829 24,136 424,203 114,290 80,702 

July .......... 300,458 19,529 320,803 88,465 111,033 

Aug .......... 385,320 20,049 404,800 86,804 108,247 

Sept .......... 358,343 21,567 377,412 114,239 77,258 

Oct........... 345,471 23,028 371,598 90,496 130,050 

Nov .......... 391,392 23,201 415,670 92,324 89,915 

Dec .......... 360,311 37,075 396,619 148,829 139,964 

Credits and with draw als

Fed eral Re serve ac counts

Credits 1 Tax and loan note ac counts

Fis cal year

or month Re ceived di rectly

Re ceived through

col lec tor

depositaries With drawals 2 Taxes 3

With drawals

(trans fers to Fed eral

Re serve ac counts)

(1) (2) (3) (4) (5)
20 AC COUNT OF THE U.S. TREA SURY

1

 Rep re sents trans fers from tax and loan note ac counts, pro ceeds from sales of se cu ri ties

other than Gov ern ment ac count se ries and taxes.

2

 Rep re sents checks paid, wire trans fer pay ments, drawdowns on let ters of credit, re demp tions 

of se cu ri ties other than Gov ern ment ac count se ries and in vest ment (trans fer) of ex cess funds

out of this ac count to the tax and loan note ac counts.

3

 Taxes el i gi ble for credit con sist of those de pos ited by tax pay ers in the tax and loan

depositaries as fol lows: With held in come taxes be gin ning March 1948; taxes on em ploy ers

and em ploy ees un der the Fed eral In sur ance Con tri bu tions Act be gin ning Jan u ary 1950 and

un der the Rail road Re tire ment Tax Act be gin ning July 1951; a num ber of ex cise taxes be gin -

ning July 1953; es ti mated cor po ra tion in come taxes be gin ning April 1967; all cor po ra tion in -

come taxes due on or af ter March 15, 1968; Fed eral Un em ploy ment Tax Act taxes be gin ning

April 1970 and in di vid ual es ti mated in come taxes be gin ning Oc to ber 1988.

TA BLE UST-1.—El e ments of Change in Fed eral Re serve

and Tax and Loan Note Ac count Bal ances, con.

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

1996 ............... 7,700 36,525 15,668 40,647 2,490 - 5,847 14,194 

1997 ............... 7,692 35,930 52,215 38,811 3,145 874 6,836 17,957 

1998 ............... 4,952 33,926 41,801 61,150 3,407 414 6,249 22,856 

1999 ............... 6,641 49,817 10,305 65,585 3,777 100 5,645 20,562 

2000 ............... 8,459 44,199 29,444 82,705 3,372 45 6,320 30,829 

1999 - Dec .......... 28,402 54,925 28,402 82,705 3,372 45 8,250 39,016 

2000 - Jan .......... 6,119 56,615 28,402 67,332 3,716 24,911 8,148 52,495 

Feb.......... 5,004 16,958 5,866 54,155 4,239 481 5,268 24,597 

Mar.......... 4,357 40,413 7,611 65,592 4,357 6,200 5,344 14,148 

Apr .......... 15,868 92,557 29,444 105,593 4,357 21,839 6,396 48,357 

May ......... 5,445 23,087 25,635 97,979 3,428 23,087 7,060 64,520 

June ......... 6,208 51,299 13,668 76,650 3,387 227 6,232 37,036 

July.......... 5,392 28,661 6,208 52,749 4,267 27,439 5,172 37,435 

Aug.......... 5,961 7,218 6,262 24,165 3,943 1,958 5,047 9,466 

Sept ......... 8,459 44,199 11,392 54,308 3,717 853 6,695 21,950 

Oct.......... 5,360 4,646 8,459 44,199 4,207 426 6,338 13,246 

Nov.......... 4,382 7,055 6,228 32,813 4,231 860 5,093 10,621 

Dec.......... 5,149 15,920 10,984 30,535 3,872 2,609 5,758 11,603 

Bal ances

Dur ing pe riod

End of pe riod High Low Av er age

Fis cal year

or month

Fed eral

Reserve

Tax and loan

note accounts

Fed eral

Re serve

Tax and loan

note ac counts

Fed eral

Re serve

Tax and loan

note ac counts

Fed eral

Re serve

Tax and loan

note ac counts

(6) (7) (8) (9) (10) (11) (12) (13)
IN TRO DUC TION: Fed eral Debt

Trea sury se cu ri ties (i.e., pub lic debt se cu ri ties) com prise

most of the Fed eral debt, with se cu ri ties is sued by other Fed -

eral agen cies ac count ing for the rest. Ta bles in this sec tion of

the “Trea sury Bul le tin” re flect the to tal. Fur ther de tailed in for -

ma tion is pub lished in the “Monthly State ment of the Public

Debt of the United States.” Like wise, in for ma tion on agency

se cu ri ties and on in vest ments of Fed eral Gov ern ment ac -

counts in Fed eral se cu ri ties is pub lished in the “Monthly Trea -

sury State ment of Re ceipts and Out lays of the United States

Gov ern ment.”

• Ta ble FD-1 sum ma rizes the Fed eral debt by list ing

pub lic debt and agency se cu ri ties held by the pub lic, in clud ing

the Fed eral Re serve. It also in cludes debt held by Fed eral

agen cies, largely by the So cial Se cu rity and other Fed eral re -

tire ment trust funds. The net un am or tized pre mium and dis -

count also are listed by to tal Fed eral se cu ri ties, se cu ri ties held

by Gov ern ment ac counts and se cu ri ties held by the pub lic. The 

dif fer ence be tween the out stand ing face value of the Fed eral

debt and the net un am or tized pre mium and dis count is clas si -

fied as the ac crual amount. (For greater de tail on hold ings of

Fed eral se cu ri ties by par tic u lar classes of in ves tors, see the

own er ship ta bles, OFS-1 and OFS-2.)

• Ta ble FD-2 cat e go rizes by type in ter est-bearing mar -

ket able and non mar ket able Trea sury se cu ri ties. The dif fer -

ence be tween in ter est-bearing and to tal pub lic debt se cu ri ties

re flects out stand ing ma tured Trea sury se cu ri ties—that is, un -

re deemed se cu ri ties that have ma tured and are no lon ger ac -

cru ing in ter est. Be cause the Fed eral Fi nancing Bank is un der

the su per vi sion of Trea sury, its se cu ri ties are held by a U.S.

Gov ern ment ac count.

• In ta ble FD-3, non mar ket able Trea sury se cu ri ties held

by U.S. Gov ern ment ac counts are sum ma rized by is sues to

par tic u lar funds within Gov ern ment. Many of the funds in vest

in par value spe cial se ries nonmarketables at in ter est rates de -

ter mined by law. Oth ers in vest in mar ket-based spe cial Trea -

sury se cu ri ties whose terms mir ror those of mar ket able

se cu ri ties.

• Ta ble FD-4 pres ents in ter est-bearing se cu ri ties is sued

by Gov ern ment agen cies. Fed eral agency bor row ing has de -

clined in re cent years, in part be cause the Fed eral Fi nancing

Bank has pro vided fi nanc ing to other Fed eral agen cies. (Fed -

eral agency bor row ing from Trea sury is pre sented in the

“Monthly Trea sury State ment of Re ceipts and Out lays of the

United States Gov ern ment.”)

• Ta ble FD-5 il lus trates the av er age length of mar ket -

able in ter est-bearing pub lic debt held by pri vate in ves tors and

the ma tu rity dis tri bu tion of that debt. 

In March 1971, Con gress en acted a lim ited ex cep tion to

the amount of bonds with rates greater than 4-1/4 per cent that

could be held by the pub lic. This per mit ted Trea sury to of fer

se cu ri ties ma tur ing in more than 7 years at cur rent mar ket in -

ter est rates for the first time since 1965. In March 1976, the

def i ni tion of a bond was changed to in clude those se cu ri ties

lon ger than 10 years to ma tu rity. This ex cep tion has ex panded

since 1971, au tho riz ing Trea sury to con tinue to is sue longterm se cu ri ties. The ceil ing on Trea sury bonds was re pealed

on No vem ber 10, 1988. 

The vol ume of pri vately held Trea sury mar ket able se cu ri -

ties by ma tu rity class re flects the re main ing pe riod to ma tu rity

of Trea sury bills, notes and bonds. The av er age length is com -

prised of an av er age of re main ing pe ri ods to ma tu rity,

weighted by the amount of each se cu rity held by pri vate in ves -

tors. In other words, com pu ta tions of av er age length ex clude

Gov ern ment ac counts and the FRBs.

• In ta ble FD-6, the debt ceil ing is com pared with the

out stand ing debt sub ject to lim i ta tion by law. The other debt

cat e gory in cludes Fed eral debt Con gress has des ig nated as be -

ing sub ject to the debt ceil ing. Changes in the non-interestbear ing debt shown in the last col umn re flect ma tu ri ties of

Trea sury se cu ri ties on non busi ness days, which can be re -

deemed on the next busi ness day.

• Ta ble FD-7 de tails Trea sury hold ings of se cu ri ties is -

sued by Gov ern ment cor po ra tions and other agen cies. Cer tain

Fed eral agen cies are au tho rized to bor row money from the

Trea sury, largely to fi nance di rect loan pro grams. In ad di tion,

agen cies such as the Bonneville Power Ad min is tra tion are au -

tho rized to bor row from the Trea sury to fi nance cap i tal pro -

jects. Trea sury, in turn, fi nances these loans by sell ing

Trea sury se cu ri ties to the pub lic.

21
22 FED ERAL DEBT

1996 ............ r 5,259,842 5,224,811 r 35,030 r 1,454,609 r 1,447,003 7,606 r 3,805,233 r 3,777,808 r 27,424

1997 ............ r 5,446,320 5,413,146 r 33,173 r 1,603,862 r 1,596,765 7,098 r 3,842,458 r 3,816,381 r 26,075

1998 ............ r 5,555,552 5,526,193 r 29,359 r 1,767,778 r 1,763,860 3,917 r 3,787,774 r 3,762,333 r 25,442

1999 ............ r 5,684,776 5,656,271 r 28,505 r 1,989,308 r 1,988,674 634 r 3,695,468 r 3,667,597 r 27,871

2000 ............ 5,701,850 5,674,178 27,672 r 2,235,763 2,235,710 51 r 3,466,087 r 3,438,468 27,621

1999 - Dec......... 5,805,009 5,776,091 28,918 2,061,194 2,060,560 634 3,743,815 3,715,531 28,284

2000 - Jan......... 5,739,855 5,711,285 28,570 2,080,525 2,080,140 384 3,659,330 3,631,145 28,186

Feb ........ 5,763,410 5,735,333 28,077 2,086,246 2,085,861 384 3,677,164 3,649,472 27,693

Mar ........ 5,801,544 5,773,392 28,152 2,085,801 2,085,418 384 3,715,743 3,687,974 27,768

Apr ......... 5,713,047 5,685,108 27,939 2,111,144 2,110,760 384 3,601,903 3,574,348 27,555

May ........ 5,674,829 5,647,170 27,659 2,127,690 2,127,639 51 3,547,139 3,519,531 27,608

June ........ 5,714,216 5,685,938 28,278 2,190,276 2,190,225 51 3,523,940 3,495,713 28,227

July ........ 5,686,531 5,658,807 27,724 2,197,107 2,197,056 51 3,489,424 3,461,751 27,673

Aug ........ 5,705,463 5,677,822 27,641 2,206,204 2,206,153 51 3,499,259 3,471,669 27,590

Sept ........ 5,701,850 5,674,178 27,672 r 2,235,763 2,235,710 51 r 3,466,087 3,438,468 27,621

Oct......... 5,684,542 5,657,328 27,214 2,248,673 2,248,622 51 3,435,869 3,408,706 27,163

Nov ........ 5,736,948 5,709,699 27,249 2,258,532 2,258,481 51 3,478,416 3,451,218 27,198

Dec ........ 5,689,593 5,662,216 27,377 2,248,726 2,248,675 51 3,440,867 3,413,541 27,326

1996 ............ r 5,259,842 r 77,932 r 5,181,910 r 1,454,609 r 5,643 r 1,448,966 r 3,805,233 r 72,289 r 3,732,944

1997 ............ r 5,446,320 76,633 r 5,369,687 r 1,603,862 r 7,000 r 1,596,862 r 3,842,458 r 69,633 r 3,772,825

1998 ............ r 5,555,552 76,849 r 5,478,704 r 1,767,778 r 10,687 r 1,757,090 r 3,787,774 r 66,162 r 3,721,613

1999 ............ r 5,684,776 78,696 r 5,606,080 r 1,989,308 r 16,148 r 1,973,160 r 3,695,468 r 62,548 r 3,632,920

2000 ............ 5,701,850 72,842 5,629,009 r 2,235,763 r 16,867 r 2,218,896 r 3,466,087 r 55,975 r 3,410,113

1999 - Dec......... 5,805,009 79,672 5,725,337 2,061,194 16,818 2,044,376 3,743,815 62,854 3,680,961

2000 - Jan......... 5,739,855 79,074 5,660,780 2,080,525 16,720 2,063,804 3,659,330 62,354 3,596,976

Feb ........ 5,763,410 79,698 5,683,711 2,086,246 16,235 2,070,011 3,677,164 63,463 3,613,701

Mar ........ 5,801,544 78,130 5,723,415 2,085,801 15,834 2,069,968 3,715,743 62,296 3,653,447

Apr ......... 5,713,047 77,059 5,635,988 2,111,144 15,937 2,095,207 3,601,903 61,122 3,540,781

May ........ 5,674,829 77,074 5,597,755 2,127,690 16,960 2,110,730 3,547,139 60,114 3,487,025

June ........ 5,714,216 76,625 5,637,590 2,190,276 16,580 2,173,695 3,523,940 60,045 3,463,895

July ........ 5,686,531 73,259 5,613,272 2,197,107 16,423 2,180,684 3,489,424 56,836 3,432,588

Aug ........ 5,705,463 73,648 5,631,817 2,206,204 16,970 2,189,234 3,499,259 56,676 3,442,583

Sept ........ 5,701,850 72,842 5,629,009 2,235,761 r 16,867 r 2,218,896 r 3,466,087 r 55,975 r 3,410,113

Oct......... 5,684,542 72,009 5,612,533 2,248,673 16,718 2,231,955 3,435,869 55,291 3,380,578

Nov ........ 5,736,948 73,646 5,663,302 2,258,532 17,002 2,241,530 3,478,416 56,644 3,421,772

Dec ........ 5,689,593 72,280 5,617,313 2,248,726 16,496 2,232,230 3,440,867 55,784 3,385,083

TA BLE FD-1.—Sum mary of Fed eral Debt

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

Se cu ri ties held by

Amount outstanding Gov ern ment ac counts The pub lic

End of fis cal year

 or month To tal

Pub lic debt

securities

 Agency

 se cu ri ties To tal

 Pub lic debt 

 se cu ri ties

 Agency

 se cu ri ties To tal

 Pub lic debt

 se cu ri ties

 Agency

 se cu ri ties

(1) (2) (3) (4) (5) (6) (7) (8) (9)

Fed eral debt se cu ri ties Se cu ri ties held by Gov ern ment ac counts Se cu ri ties held by the pub lic

End of fis cal year

or month

Amount out -

stand ing face

value

 Net

 unamortized

 pre mium

 and dis count

 Ac crual 

 amount 

Amount out -

stand ing face

value

 Net

 unamortized

 premium

 and dis count

Ac crual

amount

Amount out -

stand ing face

value

 Net

 unamortized

 pre mium

 and dis count

Ac crual

amount

(10) (11) (12) (13) (14) (15) (16) (17) (18)
FED ERAL DEBT 23

1996........... 5,220,790 3,418,371 761,232 2,098,670 543,469 - 15,000 1,802,419

1997........... 5,407,528 3,439,616 701,909 2,122,172 576,151 24,384 15,000 1,967,912

1998........... 5,518,681 3,331,030 637,648 2,009,115 610,444 58,823 15,000 2,187,651

1999........... 5,647,241 3,232,998 653,165 1,828,775 643,695 92,365 15,000 2,414,242

2000........... 5,622,092 2,992,752 616,174 1,611,326 635,263 114,988 15,000 2,629,341

1999 - Dec ....... 5,766,093 3,280,983 737,068 1,784,480 643,695 100,740 15,000 2,485,110

2000 - Jan........ 5,701,444 3,199,800 669,954 1,764,027 643,695 107,124 15,000 2,501,644

Feb ....... 5,725,655 3,218,720 695,872 1,745,758 654,964 107,126 15,000 2,506,935

Mar ....... 5,763,794 3,261,231 753,288 1,732,606 652,964 107,373 15,000 2,502,564

Apr ....... 5,646,150 3,119,260 651,307 1,693,993 650,964 107,996 15,000 2,526,890

May ....... 5,637,059 3,092,397 636,604 1,692,174 639,739 108,879 15,000 2,544,662

June....... 5,675,889 3,070,730 629,928 1,679,094 637,739 108,970 15,000 2,605,158

July ....... 5,648,865 3,046,111 620,616 1,663,128 633,239 114,127 15,000 2,602,754

Aug ....... 5,667,989 3,056,536 647,355 1,642,643 636,763 114,774 15,000 2,611,454

Sept ....... 5,622,092 2,992,752 616,174 1,611,326 635,263 114,988 15,000 2,629,341

Oct ....... 5,647,557 2,993,882 618,548 1,608,758 631,262 120,313 15,000 2,653,675

Nov ....... 5,700,007 3,036,727 682,134 1,589,592 629,012 120,989 15,000 2,663,279

Dec ....... 5,618,061 2,966,885 646,855 1,557,304 626,512 121,215 15,000 2,651,176

1996 .................. 184,147 37,488 1,454,690 95,674 29,995 424

1997 .................. 182,665 34,909 1,608,478 111,863 29,995 1

1998 .................. 180,816 35,079 1,777,329 164,431 29,995 1

1999 .................. 180,019 30,970 2,005,166 168,091 29,995 1

2000 .................. 177,724 25,431 2,242,900 153,288 29,996 1

1999 - Dec .............. 179,346 31,318 2,078,721 165,729 29,995 1

2000 - Jan ............... 179,073 31,318 2,098,454 162,802 29,995 1

Feb .............. 178,968 31,318 2,103,801 162,852 29,995 1

Mar .............. 178,625 28,768 2,103,309 161,865 29,995 1

Apr ............... 178,526 28,668 2,127,484 162,216 29,995 1

May .............. 177,754 28,518 2,146,678 161,716 29,996 1

June .............. 177,726 27,731 2,209,352 160,352 29,996 1

July .............. 177,813 25,431 2,214,507 155,007 29,996 1

Aug .............. 177,669 25,431 2,223,995 154,362 29,996 1

Sept .............. 177,724 25,431 2,242,900 153,288 29,996 1

Oct............... 177,949 25,431 2,267,351 152,948 29,996 1

Nov .............. 178,142 25,111 2,277,298 152,731 29,996 1

Dec .............. 176,866 27,161 2,266,127 151,026 29,996 1

TA BLE FD-2.—In ter est-Bearing Pub lic Debt

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”]

Mar ket able

End of fis cal year

or month

To tal 

 in ter est-bearing

pub lic debt To tal 

 Trea sury

 bills

 Trea sury 

 notes 

 Trea sury

 bonds

 Trea sury

 in fla tion-indexed

notes and bonds

 Fed eral

 Fi nancing

 Bank

 Non mar ket able

 To tal

(1) (2) (3) (4) (5) (6) (7) (8)

Non mar ket able, con.

End of fis cal year

or month

U.S. savings 

se cu ri ties For eign se ries

Gov ern ment 

ac count se ries

 State and lo cal

 gov ern ment se ries

 Do mes tic

 se ries Other

(9) (10) (11) (12) (13) (14)
24 FED ERAL DEBT

1996............ 1,454,690 7,682 22,186 16,962 11,853 50,051 377,677 125,805 7,894 499,403

1997............ 1,608,478 6,360 26,329 18,038 15,460 63,513 407,202 116,621 13,643 567,445

1998............ 1,777,329 8,550 27,445 19,377 15,981 76,947 440,145 118,250 14,518 653,282

1999............ 2,005,166 12,414 28,359 20,755 12,382 92,622 474,692 153,767 15,152 762,226

2000............ 2,242,900 13,097 29,126 22,372 11,029 113,667 507,225 168,859 17,267 893,519

1999 - Dec ........ 2,078,721 12,586 28,068 20,992 13,154 97,203 485,036 141,460 15,354 798,894

2000 - Jan......... 2,098,454 12,619 28,189 21,139 13,213 99,481 482,710 148,746 15,155 812,363

Feb ........ 2,103,801 12,650 28,409 21,525 13,272 100,413 480,151 148,223 16,654 816,433

Mar ........ 2,103,309 12,605 28,468 21,603 13,337 101,069 478,204 146,069 16,634 823,344

Apr ........ 2,127,484 12,809 28,260 21,129 13,504 104,501 475,706 154,147 16,634 840,622

May ........ 2,146,678 12,888 29,008 21,985 13,577 105,451 474,235 153,584 16,457 843,466

June........ 2,209,352 13,121 29,993 22,027 12,645 110,623 489,286 161,848 16,986 877,948

July ........ 2,214,507 13,209 29,042 22,038 12,714 111,510 486,710 163,771 16,987 883,378

Aug ........ 2,223,995 13,199 29,281 22,375 12,637 112,500 484,250 163,625 17,642 889,172

Sept........ 2,242,900 13,097 29,126 22,372 11,029 113,667 507,225 168,859 17,267 893,519

Oct ........ 2,267,351 13,441 29,339 22,431 10,951 114,122 504,825 168,069 16,764 896,121

Nov ........ 2,277,298 14,136 29,673 22,758 10,876 114,798 502,533 169,272 18,012 898,026

Dec ........ 2,266,127 14,402 29,360 22,562 9,929 114,695 500,188 171,622 18,011 901,597

1996 ........... 694 27,175 99 11,660 12,007 860 14,763 77 53,849 213,993

1997 ........... 1,806 34,464 - 22,341 12,023 860 17,486 74 61,880 222,933

1998 ........... 2,087 39,502 - 17,926 12,008 1,000 19,764 71 70,598 239,878

1999 ........... 2,304 26,528 - 28,083 11,954 - 22,347 71 77,357 264,153

2000 ........... 2,508 45,075 - 31,023 11,804 1,086 22,628 62 86,399 266,154

1999 - Dec........ 2,290 46,080 - 23,818 12,168 - 22,655 69 78,635 280,259

2000 - Jan........ 2,301 46,700 - 24,683 12,090 - 22,822 70 77,157 279,016

Feb........ 2,314 46,476 - 25,750 11,994 - 22,210 69 77,570 279,688

Mar........ 2,331 44,709 - 26,152 11,881 - 22,206 69 75,739 278,889

Apr ........ 2,328 46,950 - 26,334 11,803 - 22,261 69 75,056 275,371

May ....... 2,340 46,275 - 27,297 11,723 - 22,381 66 84,542 281,403

June ....... 2,354 45,265 - 27,550 12,066 - 22,372 66 85,915 279,287

July ....... 2,383 46,042 - 28,756 11,990 69 22,531 66 85,267 278,044

Aug ....... 2,430 45,392 - 29,188 11,907 615 22,660 62 87,882 279,178

Sept ....... 2,508 45,075 - 31,023 11,804 1,086 22,628 62 86,399 266,154

Oct ........ 2,428 45,133 - 30,269 11,727 - 22,708 62 85,477 293,484

Nov ....... 2,441 44,346 - 30,859 11,653 - 22,756 18 86,897 298,244

Dec ....... 2,455 42,846 - 24,545 11,581 600 22,722 18 85,269 293,727

Ta ble FD-3.—Gov ern ment Ac count Series

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”]

End of fis cal year

or month To tal 

Air port 

and Air way 

 Trust 

 Fund 

Bank 

 In sur ance 

 Fund 

 Em ployees 

 Life In sur -

ance Fund

Ex change

 Stabilization

Fund

Fed eral

Disability

 In sur ance

Trust Fund

Fed eral 

em ployees 

re tire ment 

 funds 

Fed eral

Hos pi tal

 In sur ance

Trust Fund

 Fed eral

Housing

 Ad min is tra -

tion

Fed eral

Old-age and

Sur vi vors

 In sur ance

Trust Fund

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

End of fis cal year

or month

Fed eral

Sav ings and

Loan

Cor po ra tion,

Res o lu tion

Fund

Fed eral

Sup ple men -

tary Med i cal 

 In sur ance 

Trust Fund 

Gov ern ment

 Life In sur -

ance Fund

High way

Trust Fund

Na tional

Ser vice Life

In sur ance

Fund

Postal

Ser vice Fund

Rail road

Re tire ment 

Ac count

 Trea sury

 de posit

 funds

 Un em ploy -

ment Trust

Fund Other

(11) (12) (13) (14) (15) (16) (17) (18) (19) (20)
FED ERAL DEBT 25

1996 ................. r 35,030 126 82 1,261 28,683 4,406 r 472

1997 ................. r 33,173 95 68 1,261 27,386 3,898 r 465

1998 ................. r 29,359 63 174 1,261 26,685 717 r 458

1999 ................. r 28,505 63 114 r 863 26,378 634 r 451

2000 ................. 27,672 63 227 775 25,987 51 569

1999 - Dec .............. 28,918 63 126 1,261 26,370 634 464

2000 - Jan .............. 28,570 63 126 1,261 26,271 384 465

Feb .............. 28,077 63 155 864 26,162 384 449

Mar .............. 28,152 63 168 864 26,225 384 448

Apr .............. 27,939 63 173 864 26,005 384 450

May .............. 27,659 63 184 864 26,046 51 451

June.............. 28,278 63 185 864 26,663 51 452

July .............. 27,724 63 205 864 26,088 51 453

Aug .............. 27,641 63 210 864 25,886 51 568

Sept.............. 27,672 63 227 775 25,987 51 569

Oct .............. 27,214 63 237 775 25,517 51 570

Nov .............. 27,249 63 239 775 25,549 51 572

Dec .............. 27,377 63 255 775 25,660 51 573

TA BLE FD-4.—In ter est-Bearing Se cu ri ties Is sued by Gov ern ment Agencies

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment” and Fi nan cial Man age ment Ser vice]

Fed eral De posit

In sur ance Cor po ra tion

End of fis cal year

or month

To tal

out stand ing

Fed eral

 Sav ings

 and Loan

 In sur ance

 Cor po ra tion,

 Resolution

 Fund 

 De part ment

 of Housing

 and Ur ban

 De vel op ment

 Fed eral

 Housing

 Ad min is tra tion

 Farm

 Credit

 System

 Fi nan cial

 As sis tance

 Corp.

 Other

 in de pend ent

 Ten nes see

 Val ley

 Au thor ity

 Postal

 Ser vice Other

(1) (2) (3) (4) (5) (6) (7)
26 FED ERAL DEBT

1 Con sists of guar an teed debt is sued by the Fed eral Housing Ad min is tra tion.

1996 .............. 3,011,185 1,058,558 1,212,258 306,643 111,360 322,366 5 yrs. 3 mos.

1997 .............. 2,998,846 1,017,913 1,206,993 321,622 154,205 298,113 5 yrs. 4 mos.

1998 .............. 2,856,637 940,572 1,105,175 319,331 157,347 334,212 5 yrs. 8 mos.

1999 .............. 2,728,011 915,145 962,644 378,163 149,703 322,356 5 yrs. 9 mos.

2000 .............. 2,469,152 858,903 791,540 355,382 167,082 296,246 5 yrs. 10 mos.

1999 - Dec ........... 2,787,126 1,009,248 934,945 370,470 144,045 328,417 5 yrs. 6 mos.

2000 - Jan ........... 2,683,681 915,464 921,105 375,697 144,045 327,369 5 yrs. 8 mos.

Feb ........... 2,702,058 939,872 907,671 373,002 152,913 328,601 5 yrs. 9 mos.

Mar ........... 2,743,400 1,001,796 889,900 372,500 151,049 328,156 5 yrs. 7 mos.

Apr ........... 2,600,311 893,167 857,878 371,881 151,048 326,337 5 yrs. 10 mos.

May........... 2,570,193 876,491 860,823 362,767 155,082 315,031 5 yrs. 10 mos.

June .......... 2,549,041 877,788 842,755 362,792 151,975 313,732 5 yrs. 10 mos.

July ........... 2,524,546 871,922 822,703 367,915 150,725 311,281 5 yrs. 9 mos.

Aug ........... 2,530,893 887,294 822,565 355,767 168,672 296,595 5 yrs. 10 mos.

Sept .......... 2,469,152 858,903 791,540 355,382 167,082 296,246 5 yrs. 10 mos.

Oct ........... 2,451,427 847,999 784,391 354,418 164,211 300,407 5 yrs. 10 mos.

Nov ........... 2,491,065 908,769 773,442 345,276 164,211 299,365 5 yrs. 9 mos.

Dec ........... 2,423,503 871,579 746,162 344,615 162,096 299,050 5 yrs. 10 mos.

1996 ................... 5,500,000 5,137,195 5,137,113 82 5,135,157 82 1,956

1997 ................... 5,950,000 5,327,624 5,327,556 68 5,323,010 68 4,546

1998 ................... 5,950,000 5,439,447 5,439,281 166 5,432,833 166 6,448

1999 ................... 5,950,000 5,567,694 5,567,588 106 5,559,616 106 7,972

2000 ................... 5,950,000 5,591,625 5,591,407 218 5,540,373 218 51,034

1999 - Dec................ 5,950,000 5,686,853 5,686,734 119 5,677,792 119 8,942

2000 - Jan................ 5,950,000 5,622,637 5,622,518 118 5,613,733 118 8,785

Feb ............... 5,950,000 5,646,910 5,646,762 147 5,638,139 147 8,623

Mar ............... 5,950,000 5,686,504 5,686,344 160 5,677,802 160 8,542

Apr ................ 5,950,000 5,599,334 5,599,168 166 5,561,264 166 37,904

May ............... 5,950,000 5,561,420 5,561,245 176 5,552,188 176 9,057

June ............... 5,950,000 5,600,647 5,600,471 177 5,591,475 177 8,996

July ............... 5,950,000 5,576,713 5,576,517 196 5,567,628 196 8,889

Aug ............... 5,950,000 5,594,586 5,594,384 201 5,585,603 201 8,781

Sept ............... 5,950,000 5,591,625 5,591,407 218 5,540,373 218 51,034

Oct................ 5,950,000 5,575,670 5,575,441 229 5,566,722 229 8,719

Nov ............... 5,950,000 5,626,550 5,626,319 231 5,617,677 231 8,642

Dec ............... 5,950,000 5,580,455 5,580,208 247 5,537,104 247 43,104

TA BLE FD-5.—Ma tu rity Dis tri bu tion and Av er age Length of Mar ket able

In ter est-Bearing Pub lic Debt Held by Pri vate In ves tors

[In mil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Ma tu rity classes

End of fis cal year

or month

 Amount

 outstanding

 pri vately held

 Within

 1 year 1-5 years 5-10 years 10-20 years

 20 years

 or more Av er age length 1

 (1) (2) (3) (4) (5) (6) (7) 

TA BLE FD-6.—Debt Sub ject to Statutory Lim i ta tion

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”]

Debt out stand ing

sub ject to lim i ta tion

In ter est-bearing debt 

sub ject to lim i ta tion

End of fis cal year

or month 

Stat u tory debt

limit To tal Pub lic debt Other debt 1Pub lic debt Other debt

 Non-interest-

 bear ing debt

 sub ject to

 lim i ta tion

 (1) (2) (3) (4) (5) (6) (7)

1Be gin ning Sep tem ber 1976, the ma tu rity dis tri bu tion and av er age length were cal cu lated on 

the in ter est-bearing mar ket able debt pri vately held. In fla tion-indexed notes (first of fered in

1997) are ex cluded from the av er age length cal cu la tion. Pub lished data were changed for the 

end of the fis cal years back through 1967.

 Note.— Details may not add to to tals due to round ing. 
FED ERAL DEBT 27

TA BLE FD-7.—Trea sury Hold ings of Se cu ri ties Is sued

 by Gov ern ment Cor po ra tions and Other Agencies

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

De part ment of Ag ri cul ture

End of fis cal year

or month To tal

Farm-Service

Agency

 

Ru ral Util ities

Service

Ru ral Housing

and Com mu nity

De vel op ment

Ser vice

Ru ral Busi ness

and Co op er a tive

De vel op ment

Ser vice

For eign

Ag ri cul tural

Ser vice

(1) (2) (3) (4) (5) (6)

1996 ............... r 117,292 3,273 r 12,040 6,430 113 647

1997 ............... 133,301 9,818 12,925 6,676 157 670

1998 ............... 154,155 19,937 13,295 7,808 203 642

1999 ............... r 182,988 32,625 r 13,837 8,506 261 761

2000 ............... r 191,596 27,323 14,690 9,413 305 729

1999 - Dec ............ 173,807 20,900 13,730 8,506 261 761

2000 - Jan ............ 179,961 25,653 13,697 8,506 261 761

Feb............ 180,963 26,964 13,682 8,506 261 761

Mar............ 180,232 24,383 14,931 9,665 307 761

Apr ............ 180,538 25,923 14,931 9,665 307 761

May............ 181,581 26,148 14,930 9,665 307 761

June ........... 188,710 27,206 14,740 9,665 307 761

July............ 187,035 27,808 14,740 9,665 307 761

Aug............ 187,370 23,166 14,739 9,665 307 780

Sept ........... r 191,596 27,323 14,690 9,413 305 729

Oct ............ 200,258 32,149 14,425 9,413 305 725

Nov............ 182,032 14,808 14,376 9,413 305 725

Dec............ 186,407 17,455 14,421 9,423 320 725

De part ment of

En ergy

De part ment of Housing

and Ur ban De vel op ment

De part ment

of Trea sury

De part ment

of Vet erans Af fairs

End of fis cal year

or month

De part ment

of Ed u ca tion

Bonneville

 Power

Ad min is tra tion

Fed eral

 Housing

Administration

Other

Housing

 pro grams

Fed eral

Fi nancing Bank

Di rect Loan

 Fund

(7) (8) (9) (10) (11) (12)

1996 ............... r 13,399 2,456 3,123 6,909 47,046 *

1997 ............... 23,532 2,499 3,639 6,174 34,944 *

1998 ............... 35,610 2,499 6,579 5,293 34,036 -

1999 ............... 52,440 2,515 7,996 4,628 28,115 -

2000 ............... 65,716 2,513 7,155 3,653 27,836 -

1999 - Dec ............ 53,787 2,555 7,996 4,203 27,152 -

2000 - Jan ............ 56,414 2,559 7,996 4,203 25,752 -

Feb ............ 56,414 2,559 7,996 4,203 25,181 -

Mar ............ 56,414 2,559 7,996 4,203 24,305 -

Apr ............ 56,414 2,599 7,996 4,203 23,699 -

May............ 56,414 2,464 7,996 4,203 24,102 -

June ........... 62,913 2,464 7,996 4,203 23,512 -

July ............ 62,913 2,546 7,996 4,203 23,142 -

Aug ............ 67,792 2,453 7,996 4,203 23,039 -

Sept ........... 65,716 2,513 7,155 3,653 27,836 -

Oct ............ 70,616 2,513 7,155 3,653 26,279 -

Nov............ 70,616 2,513 7,155 3,653 25,169 -

Dec............ 70,616 2,513 7,155 3,653 25,574 -
28 FED ERAL DEBT

1996 .......... 1,270 2,736 5,018 8,811 r 4,021

1997 .......... 2,028 3,140 5,039 9,406 12,651

1998 .......... - 3,956 4,993 9,559 9,745

1999 .......... - 6,603 4,848 9,825 10,030

2000 .......... - r 6,683 4,874 10,012 10,694

1999 - Dec ....... - 6,665 5,576 8,981 12,734

2000 - Jan ....... - 6,665 5,834 8,981 12,679

Feb....... - 6,665 6,078 8,981 12,712

Mar....... - 6,665 6,342 8,981 12,720

Apr ....... - 6,665 6,606 8,981 11,787

May ...... - 6,970 6,851 8,981 11,789

June ...... - 6,970 4,138 9,954 13,879

July....... - 4,921 4,397 9,954 13,681

Aug....... - 4,921 4,611 10,012 13,684

Sept ...... - 6,683 4,874 10,012 10,694

Oct....... - 6,683 5,129 10,012 11,201

Nov....... - 6,683 5,365 10,012 11,241

Dec....... - r 6,683 5,635 9,329 12,908

* Less than $500,000. 

TA BLE FD-7.—Trea sury Hold ings of Se cu ri ties Is sued by Gov ern ment

Cor po ra tions and Other Agencies, con.

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

De part ment

of Vet erans Af fairs, con.

End of fis cal year

or month

Loan Guaranty

Fund

 Ex port-Import

 Bank of the

 United States

Rail road

Re tire ment

Board

Small

Busi ness

Ad min is tra tion Other

(13) (14) (15) (16) (17)
FED ERAL DEBT 29

CHARTS FD-A.—Average Length

 of Privately Held Marketable Debt

(Charts are plot ted from fig ures pro vided by the Of fice of Mar ket Fi nance. See Ta ble FD-5.)

0

2

4

6

8

10

12

4 5 49 53 57 61 65 6 9 73 77 81 85 89 9 3 97 01

5

5.5

6

J F M A M J J A S O N D

Years

June 1947

10 Years,

5 Months

Dec. 1975

2 Years,

5 Months

Years

De cem ber 31, 2000

5 Years, 10 Months
IN TRO DUC TION: Pub lic Debt Op er a tions

Chap ter 31 of Ti tle 31 of the United States Code al lows

the Sec re tary of Trea sury to bor row money by is su ing Trea -

sury se cu ri ties. The Sec re tary de ter mines the terms and con di -

tions of is sue, con ver sion, ma tu rity, pay ment and in ter est rate.

New is sues of Trea sury notes ma ture in 2 to 10 years. Bonds

ma ture in more than 10 years from the is sue date. Each out -

stand ing mar ket able se cu rity is listed in the “Monthly State -

ment of the Pub lic Debt of the United States.” The in for ma tion

in this sec tion of the “Trea sury Bul le tin” per tains only to mar -

ket able Trea sury se cu ri ties.

• Ta ble PDO-1 pro vides a ma tu rity sched ule of in ter -

est-bearing mar ket able pub lic debt se cu ri ties other than reg u -

lar weekly, 52-week and cash management bills. All

unmatured Trea sury notes and bonds are listed in ma tu rity or -

der, from ear li est to lat est. A sep a rate break out is pro vided for

the com bined hold ings of the Gov ern ment ac counts and Fed -

eral Re serve Banks (FRBs), so that the “all other in ves tors”

cat e gory in cludes all pri vate hold ings.

• Ta ble PDO-2 pres ents the re sults of weekly auc tions of

13- and 26-week bills, as well as auc tions of 52-week bills.

Trea sury bills ma ture each Thurs day. Issues of 13-week bills

are reopenings of 26-week bills. Issues of cash man age ment

bills also are pre sented. High yields on ac cepted ten ders and

the dol lar value of to tal bids are pre sented, with the dol lar

value of awards made on both com pet i tive and non com pet i -

tive bases.

To en cour age the par tic i pa tion of in di vid u als and smaller

in sti tu tions, Trea sury ac cepts non com pet i tive ten ders of up to

$1 mil lion for bills and $5 mil lion for notes and bonds in each

auc tion of se cu ri ties.

• Ta ble PDO-3 lists the re sults of auc tions of mar ket able

se cu ri ties, other than weekly bills, in chro no log i cal or der over

the past 2 years. In cluded are: notes and bonds from ta ble

PDO-1 , 52-week bills from ta ble PDO-2, and data for cash

man age ment bills.

• Ta ble PDO-4 in di cates the to tal amount of mar ket able

se cu ri ties al lot ted to each class of in ves tor. The FRBs tally into 

in ves tor classes the ten ders in each auc tion of mar ket able se -

cu ri ties other than weekly auc tions of 13- and 26-week bills.

30

TREA SURY FI NANCING: OC TO BER-DECEMBER

On Jan u ary 31, 2001, Trea sury an nounced

the elim i na tion of 52-week bills. The fi nal

auc tion of this se cu rity took place on Feb ru -

ary 27, 2001.

OCTOBER

Auc tion of 28-1/2-Year In fla tion-Indexed Bonds

On Oc to ber 4, 2000, Trea sury an nounced it would auc tion

$5,000 mil lion of 28-1/2-year in fla tion-indexed bonds to raise

cash. The 28-1/2-year, 3-7/8 per cent, in fla tion-indexed bonds

of April 2029 were dated April 15, 1999, and is sued Oc to ber

16, 2000. They are due April 15, 2029, with in ter est pay able on 

April 15 and Oc to ber 15 un til ma tu rity.

Trea sury re ceived ten ders for the bonds be fore 12 noon

east ern day light time (e.d.t.) for non com pet i tive ten ders and

be fore 1 p.m. e.d.t. for com pet i tive ten ders on Oc to ber 11. Ten -

ders to taled $9,923 mil lion; Trea sury ac cepted $5,000 mil lion

at the high yield of 3.953 per cent with an equiv a lent ad justed

price of 103.628. Ten ders at the high yield were al lot ted 71

per cent. The me dian yield was 3.918 per cent, and the low

yield was 3.850 per cent. Non com pet i tive ten ders to taled $16

mil lion. Com pet i tive ten ders ac cepted from pri vate in ves tors

to taled $4,984 mil lion.

The min i mum par amount re quired for STRIPS of in fla -

tion-indexed bonds is $1,000.

Auc tion of 2-Year Notes

On Oc to ber 18, Trea sury an nounced it would auc tion

$10,000 mil lion of 2-year notes of Se ries AB-2002. The is sue

was to re fund $28,485 mil lion of se cu ri ties ma tur ing Oc to ber

31 and to pay down about $18,485 mil lion.

The notes of Se ries AB-2002 were dated Oc to ber 31, 2000.

They are due Oc to ber 31, 2002, with in ter est pay able on April

30 and Oc to ber 31 un til ma tu rity. Trea sury set an in ter est rate

of 5-3/4 per cent af ter de ter min ing which ten ders were ac -

cepted on a yield auc tion ba sis.

Trea sury re ceived ten ders for the notes be fore 12 noon e.d.t. 

for non com pet i tive ten ders and be fore 1 p.m. e.d.t. for com peti tive ten ders on Oc to ber 25. Ten ders to taled $26,821 mil lion;

Trea sury ac cepted $10,006 mil lion. All non com pet i tive and

suc cess ful com pet i tive bid ders were al lot ted se cu ri ties at the

high yield of 5.845 per cent with the equiv a lent price of 

99.823. Ten ders at the high yield were al lot ted 98 per cent. The

me dian yield was 5.830 per cent, and the low yield was 5.795

per cent. Non com pet i tive ten ders to taled $960 mil lion. Com -

pet i tive ten ders ac cepted from pri vate in ves tors to taled $9,047 

mil lion.

In ad di tion to the $10,006 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $1,500 mil lion from Federal Re serve Banks (FRBs) as agents for for eign and in ter na -

tional mon e tary au thor i ties. It also ac cepted $3,333 mil lion

from FRBs for their own ac count. 

The in ter est rate de ter mined in this auc tion matched that of

the out stand ing is sue with the same ma tu rity and in ter est pay-

[Source: Bu reau of the Pub lic Debt, Of fice of Fi nancing]
PUB LIC DEBT OP ER A TIONS 31

TREA SURY FI NANCING: OC TO BER-DECEMBER, con.

ment dates. There fore, the is sue will be con sid ered an ad di -

tional is sue of the 5-year note of Se ries N-2002 orig i nally

dated Oc to ber 31, 1997.

The min i mum par amount re quired for STRIPS of notes of

Se ries N-2002 is $800,000.

Cash Management Bills

On October 26, Trea sury an nounced it would auc tion

$32,000 mil lion of 50-day bills. They were is sued No vem ber

1, 2000, and ma tured De cem ber 21, 2000. The is sue was to

raise new cash. Trea sury auc tioned the bills on Oc to ber 31.

They to taled $52,233 mil lion. Trea sury ac cepted $32,021 mil -

lion. The high bank dis count rate was 6.38 per cent.

Debt Buyback Operations

In the debt buy back op er a tion held on Oc to ber 19, 2000, for

set tle ment on Oc to ber 23, Trea sury re ceived $4,785 mil lion of

of fers. It ac cepted $1,500 mil lion par amount for a to tal price

paid of $2,075 mil lion (less ac crued in ter est).

In the debt buy back op er a tion held on Oc to ber 26, 2000, for

set tle ment on Oc to ber 30, Trea sury re ceived $5,308 mil lion of

of fers. It ac cepted $1,500 mil lion par amount for a to tal price

paid of $1,935 mil lion (less ac crued in ter est).

NO VEM BER

No vem ber Quar terly Fi nancing

On No vem ber 1, Trea sury an nounced it would auc tion

$12,000 mil lion of 5-year notes of Se ries F-2005 and $8,000

mil lion of 9-3/4-year notes of Se ries C-2010. The is sue was to

re fund $23,877 mil lion of Trea sury se cu ri ties ma tur ing No -

vem ber 15 and to pay down about $3,877 mil lion.

The notes of Se ries F-2005 were dated No vem ber 15, 2000.

They are due No vem ber 15, 2005, with in ter est pay able on

May 15 and No vem ber 15 un til ma tu rity. Trea sury set an in ter -

est rate of 5-3/4 per cent af ter de ter min ing which ten ders were

ac cepted on a yield auc tion ba sis.

Trea sury re ceived ten ders for the notes be fore 12 noon east -

ern stan dard time (e.s.t.) for non com pet i tive ten ders and be -

fore 1 p.m. e.s.t. for com pet i tive ten ders on No vem ber 7.

Ten ders to taled $20,831 mil lion; Trea sury ac cepted $12,000

mil lion. All non com pet i tive and suc cess ful com pet i tive bid -

ders were al lot ted se cu ri ties at the high yield of 5.870 per cent

with an equiv a lent price of 99.486.Trea sury ac cepted in full all 

com pet i tive ten ders at yields lower than 5.870. Ten ders at the

high yield were al lot ted 12 per cent. The me dian yield was

5.830 per cent, and the low yield was 5.790 per cent. Non com -

pet i tive ten ders to taled $371 mil lion. Com pet i tive ten ders ac -

cepted from pri vate in ves tors to taled $11,630 mil lion.

In ad di tion to the $12,000 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $1,400 mil lion from FRBs

as agents for for eign and in ter na tional mon e tary au thor i ties. It

also ac cepted $2,404 mil lion from FRBs for their own ac -

count. The min i mum par amount re quired for STRIPS of notes 

of Se ries F-2005 is $800,000.

The 9-3/4-year 5-3/4 per cent notes of Se ries C-2010 were

dated Au gust 15, 2000. They were is sued No vem ber 15, 2000,

and are due Au gust 15, 2010, with in ter est pay able on Feb ru -

ary 15 and Au gust l5 un til ma tu rity. Ac crued in ter est of

$14.37500 per $1,000, cov er ing the pe riod from Au gust 15 to

No vem ber 15, 2000, was pay able with each ac cepted ten der.

Trea sury re ceived ten ders for the notes be fore 12 noon e.s.t.

for non com pet i tive ten ders and be fore 1 p.m. e.s.t. for com pet -

i tive ten ders on No vem ber 8. Ten ders to taled $21,030 mil lion;

Trea sury ac cepted $8,000 mil lion. All non com pet i tive and

suc cess ful com pet i tive bid ders were al lot ted se cu ri ties at the

high yield of 5.865 per cent with an equiv a lent price of 99.134.

Ten ders at the high yield were al lot ted 30 per cent. Trea sury ac -

cepted in full all com pet i tive ten ders at yields lower than 5.865 

per cent. The me dian yield was 5.845 per cent, and the low

yield was 5.800 per cent. Non com pet i tive ten ders to taled $48

mil lion. Com pet i tive ten ders ac cepted from pri vate in ves tors

to taled $7,953 mil lion.

In ad di tion to the $8,000 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $800 mil lion from FRBs

as agents for for eign and in ter na tional mon e tary au thor i ties. It

also ac cepted $1,275 mil lion from FRBs for their own ac -

count. The min i mum par amount re quired for STRIPS of notes 

of Se ries C-2010 is $800,000.

Auc tion of 2-Year Notes

On No vem ber 22, Trea sury an nounced it would auc tion

$10,000 mil lion of 2-year notes. The is sue was to re fund

$28,401 mil lion of se cu ri ties ma tur ing No vem ber 30 and to

pay down about $18,401 mil lion.

The notes of Se ries AC-2002 were dated No vem ber 30,

2000. They are due No vem ber 30, 2002, with in ter est pay able

on May 31 and No vem ber 30 un til ma tu rity. Trea sury set an in -

ter est rate of 5-5/8 per cent af ter de ter min ing which ten ders

were ac cepted on a yield auc tion ba sis.

Trea sury re ceived ten ders for the notes be fore 12 noon e.s.t.

for non com pet i tive ten ders and be fore 1 p.m. e.s.t. for com pet -

i tive ten ders on No vem ber 29. Ten ders to taled $31,440 mil -

lion; Trea sury ac cepted $10,014 mil lion. All non com pet i tive

and suc cess ful com pet i tive bid ders were al lot ted se cu ri ties at

the high yield of 5.695 per cent with an equiv a lent price of

99.869. Ten ders at the high yield were al lot ted 98 per cent.

Trea sury ac cepted in full all com pet i tive ten ders at yields

lower than 5.695 per cent. The me dian yield was 5.689 per cent, 

and the low yield was 5.665 per cent. Non com pet i tive ten ders

to taled $940 mil lion. Com pet i tive ten ders ac cepted from pri -

vate in ves tors to taled $9,074 mil lion.

In ad di tion to the $10,014 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $1,700 mil lion from FRBs 

as agents for for eign and in ter na tional mon e tary au thor i ties. It

also ac cepted $3,333 mil lion from FRBs for their own ac -

count.

52-Week Bills

On No vem ber 22, Trea sury an nounced it would auc tion

$10,000 mil lion of 364-day Trea sury bills. The bills were

dated No vem ber 30, 2000, and will ma ture No vem ber 29,

2001. The is sue was to re fund $16,730 mil lion of all ma tur ing
32 PUB LIC DEBT OP ER A TIONS

bills and to raise about $15,270 mil lion of new cash.Trea sury

auc tioned the bills on No vem ber 28. Ten ders to taled $22,227

mil lion; Trea sury ac cepted $8,045 mil lion. That in cluded

$295 mil lion of non com pet i tive ten ders from the pub lic and

$1,960 mil lion is sued to FRBs as agents for for eign and in ter -

na tional mon e tary au thor i ties. Trea sury is sued an ad di tional

$2,508 mil lion to FRBs for their own ac counts. The high bank

dis count rate was 5.710 per cent.

Cash Man age ment Bills

On No vem ber 9, Trea sury an nounced it would auc tion

$12,000 mil lion of 33-day bills. The bills were is sued No vem -

ber 15, 2000, and ma tured De cem ber 18, 2000. The is sue was

to raise new cash. Trea sury auc tioned the bills on No vem ber

14. They to taled $36,160 mil lion. Trea sury ac cepted $12,035

mil lion. The high bank dis count rate was 6.37 per cent.

On No vem ber 28, Trea sury an nounced it would auc tion

$36,000 mil lion of 14-day bills. The bills were is sued De cem -

ber 1, 2000, and ma tured De cem ber 15, 2000. The is sue was to

raise new cash. Trea sury auc tioned the bills on No vem ber 30.

They to taled $67,780 mil lion. Trea sury ac cepted $36,033 million. The high bank dis count rate was 6.45 per cent.

Debt Buy back Op er a tions

In the debt buy back op er a tion held on No vem ber 9, 2000,

for set tle ment on No vem ber 13, Trea sury re ceived $4,796 million of of fers. It ac cepted $1,250 mil lion par amount for a to tal

price paid of $1,398 mil lion (less ac crued in ter est).

In the debt buy back op er a tion held on No vem ber 16, 2000,

for set tle ment on No vem ber 20, Trea sury re ceived $4,903 million of of fers. It ac cepted $1,000 mil lion par amount for a to tal

price paid of $1,313 mil lion (less ac crued in ter est).

DE CEM BER

Auc tion of 2-Year Notes

On De cem ber 20, Trea sury an nounced it would auc tion

$10,000 mil lion of 2-year notes. The is sue was to re fund

$27,402 mil lion of se cu ri ties ma tur ing De cem ber 31 and to

pay down about $17,402 mil lion.

The notes of Se ries AD-2002 were dated De cem ber 31,

2000. They were is sued Jan u ary 2, 2001, and are due De cem -

ber 31, 2002, with in ter est pay able on June 30 and De cem ber

31 un til ma tu rity. Trea sury set an in ter est rate of 5-1/8 per cent

af ter de ter min ing which ten ders were ac cepted on a yield auc -

tion ba sis. Ac crued in ter est of $0.28315 per $1,000, cov er ing

the pe riod from De cem ber 31, 2000, to Jan u ary 2, 2001, was

pay able with each ac cepted ten der.

Trea sury re ceived ten ders for the notes be fore 12 noon e.s.t.

for non com pet i tive ten ders and be fore 1 p.m. e.s.t. for com pet -

i tive ten ders on De cem ber 27. Ten ders to taled $25,094 mil -

lion; Trea sury ac cepted $10,000 mil lion. All non com pet i tive

and suc cess ful com pet i tive bid ders were al lot ted se cu ri ties at

the high yield of 5.130 per cent with an equiv a lent price of

99.990. Ten ders at the high yield were al lot ted 47 per cent.

Trea sury ac cepted in full all com pet i tive ten ders at yields

lower than 5.130 per cent. The me dian yield was 5.110 per cent, 

and the low yield was 5.060 per cent. Non com pet i tive ten ders

to taled $971 mil lion. Com pet i tive ten ders ac cepted from pri -

vate in ves tors to taled $9,030 mil lion.

In ad di tion to the $10,000 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $1,500 mil lion from FRBs

as agents for for eign and in ter na tional mon e tary au thor i ties. It

also ac cepted $3,333 mil lion from FRBs for their own ac -

counts. The min i mum par amount re quired for STRIPS of

notes of Se ries AD-2002 is $1,600,000.

Debt Buy back Op er a tions

In the debt buy back op er a tion held on De cem ber 7, 2000,

for set tle ment on De cem ber 11, Trea sury re ceived $4,983 mil -

lion of of fers. It ac cepted $1,250 mil lion par amount for a to tal

price paid of $1,810 mil lion (less ac crued in ter est).

In the debt buy back op er a tion held on De cem ber 14, 2000,

for set tle ment on De cem ber 18, Trea sury re ceived $4,193 mil -

lion of of fers. It ac cepted $1,250 mil lion par amount for a to tal

price paid of $1,670 mil lion (less ac crued in ter est).

TREA SURY FI NANCING: OC TO BER-DECEMBER, con.
PUB LIC DEBT OP ER A TIONS 33

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Dec. 31, 2000

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

Held by

Date of fi nal ma tu rity De scrip tion Is sue date To tal

 U.S. Gov ern -

ment ac counts

and Fed eral Re -

serve Banks

 All other

 in ves tors

(1) (2) (3) (4) (5)

See foot note at end of ta ble.

2001

Jan. 31............................................... 5-1/4%-E note 01/31/96 12,816 1,430 11,386 

Jan. 31............................................... 4-1/2%-U note 02/01/99 19,777 2,765 17,012 

Feb. 15 .............................................. 11-3/4% bond 01/12/81 1,501 166 1,336 

Feb. 15 .............................................. 1 7-3/4%-A note 02/15/91 11,313 1,209 10,104 

Feb. 15 ..............................................

1 5-3/8%-S note 02/17/98 15,367 1,758 13,610 

Feb. 28 .............................................. 5-5/8%-F note 02/29/96 12,820 1,607 11,213 

Feb. 28 ..............................................

1

 5%-V note 03/01/99 19,587 3,589 15,998 

Mar. 31 .............................................. 6-3/8%-G note 04/10/96 14,181 1,954 12,227 

Mar. 31 ..............................................

1 4-7/8%-W note 03/31/99 21,605 3,785 17,821 

Apr. 30............................................... 6-1/4%-H note 04/30/96 13,780 1,974 11,806 

Apr. 30...............................................

1

 5%-X note 04/30/99 21,034 3,390 17,644 

May 15............................................... 13-1/8% bond 04/02/81 1,750 300 1,450 

May 15...............................................

1 8%-B note 05/15/91 12,398 1,937 10,462 

May 15...............................................

1 5-5/8%-T note 05/15/98 12,874 3,176 9,698 

May 31............................................... 6-1/2%-J note 05/31/96 13,722 1,592 12,130 

May 31...............................................

1

 5-1/4%-Y note 06/01/99 19,886 3,121 16,765 

June 30 ..............................................

1

 5-3/4%-Z note 06/30/99 19,001 3,285 15,716 

June 30 .............................................. 6-5/8%-K note 07/01/96 14,282 2,537 11,746 

July 31............................................... 6-5/8%-L note 07/31/96 14,137 1,682 12,455 

July 31...............................................

1 5-1/2%-AB note 08/02/99 20,541 3,650 16,891 

Aug. 15 ..............................................

1

 7-7/8%-C note 08/15/91 12,339 1,779 10,560 

Aug. 15 .............................................. 13-3/8% bond 07/02/81 1,753 272 1,481 

Aug. 31 .............................................. 6-1/2%-M note 09/03/96 14,000 1,452 12,549 

Aug. 31 .............................................. 1 5-1/2%-AC note 08/31/99 20,119 3,736 16,382 

Sept. 30.............................................. 6-3/8%-N note 09/30/96 14,519 1,632 12,886 

Sept. 30.............................................. 1 5-5/8%-AD note 09/30/99 18,798 3,204 15,594 

Oct. 31............................................... 6-1/4%-P note 10/31/96 14,640 1,091 13,549 

Oct. 31...............................................

1 5-7/8%-AE note 11/01/99 19,196 2,890 16,306 

Nov. 15 .............................................. 15-3/4% bond 10/07/81 1,753 231 1,522 

Nov. 15 ..............................................

1 7-1/2%-D note 11/15/91 24,226 3,557 20,669 

Nov. 30 .............................................. 5-7/8%-Q note 12/02/96 33,505 4,169 29,335 

Dec. 31 .............................................. 6-1/8%-R note 12/31/96 31,166 4,891 26,276 

To tal..................

498,386 73,811 424,579 

2002

Jan. 31............................................... 6-1/4%-C note 01/31/97 13,453 1,361 12,093 

Feb. 15, 02-07 ......................................... 7-5/8% bond 02/15/77 4,234 1,546 2,688 

Feb. 15 .............................................. 14-1/4% bond 01/06/82 1,759 225 1,534 

Feb. 28 .............................................. 6-1/4%-D note 02/28/97 13,800 1,750 12,050 

Mar. 31 .............................................. 6-5/8%-E note 03/31/97 14,301 1,948 12,354 

Apr. 30............................................... 6-5/8%-F note 04/30/97 14,475 2,150 12,324 

May 15...............................................

1 7-1/2%-A note 05/15/92 11,714 2,197 9,517 

May 31............................................... 6-1/2%-G note 06/02/97 13,504 1,636 11,868 

June 30 .............................................. 6-1/4%-H note 06/30/97 13,059 1,593 11,466 

July 15...............................................

1

 3-5/8%-J note 07/15/97 18,270 978 17,293 

July 31............................................... 6%-K note 07/31/97 12,231 782 11,449 

Aug. 15 ..............................................

1 6-3/8%-B note 08/17/92 23,859 3,876 19,983 

Aug. 31 .............................................. 6-1/4%-L note 09/02/97 12,732 1,072 11,660 

Sept. 30.............................................. 1 5-7/8%-M note 09/30/97 12,807 1,237 11,570 

Oct. 31...............................................

1

 5-3/4%-N note 10/31/97 26,594 4,315 22,279 

Nov. 15, 02-07 ......................................... 7-7/8% bond 11/15/77 1,495 379 1,116 

Nov. 15 .............................................. 11-5/8% bond 09/29/82 2,753 591 2,162 

Nov. 30 ..............................................

1 5-3/4%-P note 12/01/97 12,121 1,412 10,709 

Dec. 31 ..............................................

1 5-5/8%-Q note 12/31/97 12,052 967 11,085 

Jan. 31...............................................

1

 6-3/8%-R note 01/31/00 19,381 4,045 15,337 

Feb. 28 ..............................................

1 6-1/2%-S note 02/29/00 16,563 3,584 12,980 

Mar. 31 ..............................................

1 6-1/2%-T note 03/31/00 17,238 3,785 13,453 

Apr. 30............................................... 1 6-3/8%-U note 05/01/00 17,391 3,869 13,522 
34 PUB LIC DEBT OP ER A TIONS

2002 con.

May 31............................................... 1 6-5/8%-V note 05/31/00 14,872 3,963 10,909 

June 30 ..............................................

1 6-3/8%-W note 06/30/00 14,321 3,504 10,817 

July 31 ...............................................

1

 6-1/4%-X note 07/31/00 15,058 3,499 11,559 

Aug. 31 ..............................................

1

 6-1/8%-Y note 08/31/00 15,072 3,333 11,739 

Sep. 30 ..............................................

1 6%-Z note 10/02/00 15,144 3,275 11,869 

Nov. 30 ..............................................

1 5-5/8%-AC note 11/30/00 15,059 3,333 11,725 

To tal..................

395,312 66,205 329,110 

2003

Jan. 31...............................................

1 5-1/2%-C note 02/02/98 13,101 1,330 11,771 

Feb. 15 .............................................. 10-3/4% bond 01/04/83 3,007 739 2,267 

Feb. 15 ..............................................

1 6-1/4%-A note 02/16/93 23,563 2,564 20,999 

Feb. 28 ..............................................

1 5-1/2%-D note 03/02/98 13,670 2,337 11,333 

Mar. 31 ..............................................

1 5-1/2%-E note 03/31/98 14,173 2,968 11,205 

Apr. 30 ............................................... 1 5-3/4%-F note 04/30/98 12,573 2,550 10,023 

May 15............................................... 10-3/4% bond 04/04/83 3,249 741 2,508 

May 31...............................................

1 5-1/2%-G note 06/01/98 13,132 1,712 11,420 

June 30 ..............................................

1 5-3/8%-H note 06/30/98 13,127 1,349 11,778 

Aug. 15, 03-08 ......................................... 8-3/8% bond 08/15/78 2,103 789 1,314 

Aug. 15 .............................................. 11-1/8% bond 07/05/83 3,501 797 2,704 

Aug. 15 ..............................................

1 5-3/4%-B note 08/16/93 28,011 4,188 23,823 

Aug. 15 ..............................................

1 5-1/4%-J note 08/17/98 19,852 2,968 16,884 

Nov. 15, 03-08 ........................................ 8-3/4% bond 11/15/78 5,230 1,666 3,564 

Nov. 15 .............................................. 11-7/8% bond 10/05/83 7,260 1,589 5,670 

Nov. 15 .............................................. 4-1/4%-K note 11/16/98 18,626 1,518 17,107 

To tal..................

194,178 29,805 164,370 

2004

Feb. 15 .............................................. 1 5-7/8%-A note 02/15/94 12,955 650 12,305 

Feb. 15 ..............................................

1

 4-3/4%-E note 02/16/99 17,823 2,013 15,810 

May 15, 04-09 ......................................... 9-1/8% bond 05/15/79 4,606 1,061 3,545 

May 15............................................... 12-3/8% bond 04/05/84 3,755 829 2,926 

May 15...............................................

1 7-1/4%-B note 05/16/94 14,440 2,083 12,357 

May 15............................................... 1 5-1/4%-F note 05/17/99 18,925 2,562 16,364 

Aug. 15 .............................................. 13-3/4% bond 07/10/84 4,000 838 3,162 

Aug. 15 ..............................................

1 7-1/4%-C note 08/15/94 13,346 875 12,471 

Aug. 15 ..............................................

1 6%-G note 08/16/99 18,090 1,617 16,473 

Nov. 15, 04-09 ......................................... 10-3/8% bond 11/15/79 4,201 1,076 3,125 

Nov. 15 ..............................................

1 11-5/8% bond 10/30/84 8,302 1,706 6,596 

Nov. 15 ..............................................

1

 7-7/8%-D note 11/15/94 14,374 2,440 11,934 

Nov. 15 ..............................................

1

 5-7/8%-H note 11/15/99 32,658 3,320 29,338 

To tal..................

167,475 21,070 146,406 

2005

Feb. 15, 05-10 ......................................... 11-3/4% bond 02/15/80 2,494 858 1,636 

Feb. 15 ..............................................

1 7-1/2%-A note 02/15/95 13,835 1,794 12,041 

May 15, 05-10 ......................................... 10% bond 05/15/80 2,987 1,177 1,811 

May 15...............................................

1

 12% bond 04/02/85 4,261 846 3,414 

May 15...............................................

1

 6-1/2%-B note 05/15/95 14,740 2,000 12,740 

Aug. 15 ..............................................

1 10-3/4% bond 07/02/85 9,270 1,808 7,462 

Aug. 15 ..............................................

1 6-1/2%-C note 08/15/95 15,003 2,085 12,917 

Nov. 15, 05-10 ........................................ 12-3/4% bond 11/17/80 4,736 1,261 3,476 

Nov. 15 ..............................................

1

 5-7/8%-D note 11/24/95 15,210 1,960 13,250 

May 15...............................................

1 6-3/4%-E note 05/15/00 28,562 4,441 24,121 

Nov. 15 ..............................................

1 5-3/4%-F note 11/15/00 15,812 2,404 13,408 

To tal..................

126,910 20,634 106,276 

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Dec. 31, 2000, con.

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

Held by

Date of fi nal ma tu rity De scrip tion Is sue date To tal

 U.S. Gov ern -

ment ac counts 

and Fed eral Re -

serve Banks

All other

in ves tors

(1) (2) (3) (4) (5)

See foot note at end of ta ble.
PUB LIC DEBT OP ER A TIONS 35

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Dec. 31, 2000, con.

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

Held by

Date of fi nal ma tu rity De scrip tion Is sue date To tal

 U.S. Gov ern -

ment ac counts

and Fed eral Re -

serve Banks

 All other

 in ves tors

(1) (2) (3) (4) (5)

See foot note at end of ta ble.

2006

Feb. 15 ..............................................

1

 9-3/8% bond 01/15/86 4,756 857 3,899 

Feb. 15 ..............................................

1

 5-5/8%-A note 02/15/96 15,514 1,918 13,596 

May 15, 06-11 ......................................... 13-7/8% bond 05/15/81 4,609 1,074 3,535 

May 15...............................................

1 6-7/8%-B note 05/15/96 16,015 2,620 13,395 

July 15...............................................

1 7%-C note 07/15/96 22,740 4,123 18,618 

Oct. 15...............................................

1

 6-1/2%-D note 10/15/96 22,460 3,932 18,528 

Nov. 15, 06-11......................................... 14% bond 11/16/81 4,901 975 3,925 

To tal..................

90,995 15,499 75,496 

2007

Jan. 15...............................................

1 3-3/8%-A note 02/06/97 17,305 1,669 15,636 

Feb. 15 ..............................................

1 6-1/4%-B note 02/18/97 13,104 1,166 11,938 

May 15............................................... 1 6-5/8%-C note 05/15/97 13,958 1,973 11,985 

Aug. 15 ..............................................

1 6-1/8%-D note 08/15/97 25,637 3,854 21,783 

Nov. 15, 07-12......................................... 10-3/8% bond 11/15/82 10,452 1,919 8,533 

To tal..................

80,456 10,581 69,875 

2008

Jan. 15...............................................

1 3-5/8%-A note 01/15/98 18,106 1,861 16,245 

Feb. 15 ..............................................

1

 5-1/2%-B note 02/17/98 13,583 1,480 12,103 

May 15...............................................

1

 5-5/8%-C note 05/15/98 27,191 4,301 22,890 

Aug. 15, 08-13......................................... 12% bond 08/15/83 13,459 3,041 10,418 

Nov. 15 .............................................. 4-3/4%-D note 11/16/98 25,083 3,334 21,749 

To tal..................

97,422 14,017 83,405 

2009

May 15, 09-14 ......................................... 13-1/4% bond 05/15/84 4,481 869 3,611 

Aug. 15, 09-14......................................... 12-1/2% bond 08/15/84 4,781 906 3,875 

Nov. 15, 09-14.........................................

1 11-3/4% bond 11/15/84 6,006 1,195 4,811 

Jan. 15...............................................

1 3-7/8%-A note 01/15/99 16,871 958 15,913 

May 15...............................................

1

 5-1/2%-B note 05/17/99 14,795 2,045 12,750 

Aug. 15 ..............................................

1 6%-C note 08/16/99 27,400 3,425 23,975 

To tal..................

74,334 9,398 64,935 

2010

Jan. 15...............................................

1 4-1/4%-A note 01/18/00 11,708 327 11,381 

Feb. 15 .............................................. 1 6-1/2%-B note 02/15/00 23,356 3,740 19,616 

Aug. 15 ..............................................

1 5-3/4%-C note 08/15/00 22,438 2,529 19,909 

To tal..................

57,502 6,596 50,906 

2015

Feb. 15 ..............................................

1 11-1/4% bond 02/15/85 11,351 1,846 9,505 

Aug. 15 ..............................................

1 10-5/8% bond 08/15/85 5,216 1,167 4,049 

Nov. 15 ..............................................

1 9-7/8% bond 11/29/85 5,926 1,007 4,919 

To tal..................

22,493 4,020 18,473 

2016

Feb. 15 ..............................................

1 9-1/4% bond 02/18/86 6,803 1,037 5,766 

May 15...............................................

1 7-1/4% bond 05/15/86 18,824 1,099 17,724 

Nov. 15 .............................................. 1 7-1/2% bond 11/17/86 18,824 1,625 17,199 

To tal..................

44,451 3,761 40,689 
36 PUB LIC DEBT OP ER A TIONS

See foot note at end of ta ble.

2017

May 15...............................................

1 8-3/4% bond 05/15/87 16,857 2,755 14,102 

Aug. 15 ..............................................

1 8-7/8% bond 08/17/87 12,929 2,058 10,871 

To tal ..................

29,786 4,813 24,973 

2018

May 15............................................... 1 9-1/8% bond 05/16/88 7,367 1,240 6,128 

Nov. 15 ..............................................

1

 9% bond 11/22/88 7,689 768 6,921 

To tal ..................

15,056 2,008 13,049 

2019

Feb. 15 .............................................. 1 8-7/8% bond 02/15/89 17,061 2,155 14,906 

Aug. 15 ..............................................

1 8-1/8% bond 08/15/89 19,596 1,933 17,663 

To tal ..................

36,657 4,088 32,569 

2020

Feb. 15 ..............................................

1 8-1/2% bond 02/15/90 9,918 1,439 8,479 

May 15...............................................

1 8-3/4% bond 05/15/90 8,374 1,502 6,872 

Aug. 15 ..............................................

1

 8-3/4% bond 08/15/90 18,872 1,881 16,991 

To tal. .................

37,164 4,822 32,342 

2021

Feb. 15 .............................................. 1 7-7/8% bond 02/15/91 10,415 944 9,471 

May 15...............................................

1 8-1/8% bond 05/15/91 10,719 1,618 9,101 

Aug. 15 ..............................................

1 8-1/8% bond 08/15/91 10,683 1,658 9,025 

Nov. 15 .............................................. 1 8% bond 11/15/91 31,731 3,068 28,663 

To tal ..................

63,548 7,288 56,260 

2022

Aug. 15 ..............................................

1

 7-1/4% bond 08/17/92 10,289 874 9,415 

Nov. 15 ..............................................

1

 7-5/8% bond 11/16/92 8,845 1,601 7,244 

To tal ..................

19,134 2,475 16,659 

2023

Feb. 15 ..............................................

1 7-1/8% bond 02/16/93 17,480 2,636 14,845 

Aug. 15 ..............................................

1 6-1/4% bond 08/16/93 22,669 1,554 21,116 

To tal ..................

40,149 4,190 35,961 

2024

Nov. 15 ..............................................

1 7-1/2% bond 08/15/94 10,527 1,615 8,912 

To tal ..................

10,527 1,615 8,912 

2025

Feb. 15 .............................................. 1 7-5/8% bond 02/15/95 11,476 1,177 10,300 

Aug. 15 ..............................................

1

 6-7/8% bond 08/15/95 12,007 1,800 10,208 

To tal ..................

23,483 2,977 20,508 

2026

Feb. 15 ..............................................

1 6% bond 02/15/96 12,838 1,115 11,723 

Aug. 15 ..............................................

1 6-3/4% bond 08/15/96 10,824 1,614 9,210 

Nov. 15 ..............................................

1 6-1/2% bond 11/15/96 11,483 1,724 9,759 

To tal ..................

35,145 4,453 30,692 

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Dec. 31, 2000, con.

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

Held by

Date of fi nal ma tu rity De scrip tion Is sue date To tal

 U.S. Gov ern -

ment ac counts

and Fed eral Re -

serve Banks

 All other

 in ves tors

(1) (2) (3) (4) (5)
PUB LIC DEBT OP ER A TIONS 37

1 This se cu rity is el i gi ble for strip ping. See ta ble V of the “Monthly State ment of the Pub l ic Debt

of the United States.”

2027

Feb. 15 ..............................................

1 6-5/8% bond 02/18/97 10,286 920 9,366 

Aug. 15 ..............................................

1 6-3/8% bond 08/15/97 10,416 1,640 8,776 

Nov. 15 ..............................................

1 6-1/8% bond 11/17/97 22,519 3,185 19,334 

To tal ..................

43,221 5,745 37,476 

2028

Apr. 15...............................................

1

 3-5/8% bond 04/15/98 18,082 882 17,200 

Aug. 15 ..............................................

1

 5-1/2% bond 08/17/98 11,776 1,772 10,004 

Nov. 15 ..............................................

1 5-1/4% bond 11/16/98 10,947 945 10,002 

To tal ..................

40,805 3,599 37,206 

2029

Feb. 15 ..............................................

1 5-1/4% bond 02/16/99 11,350 1,340 10,010 

Apr. 15...............................................

1 3-7/8% bond 04/15/99 20,873 760 20,114 

Aug. 15 .............................................. 1 6-1/8% bond 08/16/99 11,179 1,075 10,104 

To tal ..................

43,402 3,175 40,228 

2030

May 15...............................................

1

 6-1/4% bond 02/15/00 17,043 1,894 15,149 

To tal ..................

17,043 1,894 15,149 

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Dec. 31, 2000, con.

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

Held by

Date of fi nal ma tu rity De scrip tion Is sue date To tal

 U.S. Gov ern -

ment ac counts

and Fed eral Re -

serve Banks

 All other

 in ves tors

(1) (2) (3) (4) (5)
38 PUB LIC DEBT OP ER A TIONS

TA BLE PDO-2.—Of fer ings of Bills

[Dol lar amounts in mil lions. Source: “Monthly State ment of the Pub lic Debt of the United States”; Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac counting]

Reg u lar weekly:

(13 week and 26 week)

2000 - Oct. 5 ...... 2001 - Jan. 4 91 29,048.7 14,423.2 9,139.4 1,222.4 98.464 6.075 6.257

Apr. 5 182 27,571.2 13,751.1 4,563.9 1,212.0 96.946 6.040 6.318

12 ..... Jan. 11 91 34,486.4 17,028.1 8,123.6 1,332.7 98.464 6.075 6.257

Apr. 12 182 31,043.3 16,028.3 5,378.6 1,625.2 96.939 6.055 6.333

19 ..... Jan. 18 91 30,255.4 15,407.9 8,714.8 1,188.5 98.463 6.080 6.261

Apr. 19 182 28,794.5 14,593.7 5,052.0 1,083.7 96.972 5.990 6.262

26 ..... Jan. 25 91 30,184.5 15,952.5 8,422.3 1,292.5 98.443 6.160 6.344

Apr. 26 182 25,078.3 14,645.3 4,989.2 1,592.9 96.941 6.050 6.328

Nov. 2 ...... Feb. 1 91 26,807.7 15,805.2 8,844.2 1,390.4 98.438 6.180 6.365

May 3 192 28,191.6 14,531.5 4,580.7 1,182.0 96.929 6.075 6.354

9 ...... Feb. 8 91 29,000.7 17,834.2 8,026.4 1,408.2 98.428 6.220 6.406

May 10 182 28,442.4 16,174.9 5,428.4 1,572.8 96.914 6.105 6.386

16 ..... Feb. 15 91 28,824.0 15,579.8 8,833.6 1,380.7 98.437 6.185 6.369

May 17 182 27,964.1 14,583.7 5,393.4 1,136.4 96.931 6.070 6.350

24 ..... Feb. 22 90 28,970.7 15,962.8 8,767.4 1,389.0 98.456 6.175 6.360

May 24 181 31,501.1 14,915.7 5,143.5 1,512.5 96.958 6.050 6.327

30 ..... Mar. 1 91 33,467.5 13,931.3 10,069.7 1,275.9 98.443 6.160 6.344

May 31 182 29,641.9 11,011.7 6,527.6 955.2 96.944 6.045 6.322

Dec. 7 ...... Mar. 8 91 34,658.0 18,755.6 7,860.7 1,364.3 98.493 5.960 6.137

June 7 182 28,591.8 15,385.5 6,240.3 1,545.6 97.048 5.840 6.100

14 ..... Mar. 15 91 29,418.7 16,769.8 8,852.1 1,343.3 98.509 5.900 6.071

June 14 182 25,669.4 14,561.4 6,386.2 1,127.7 97.073 5.790 6.047

21 ..... Mar. 22 91 30,134.9 16,474.5 8,320.2 1,335.6 98.541 5.770 5.939

June 21 182 25,599.0 14,364.0 6,116.1 1,493.2 97.139 5.660 5.907

28 ..... Mar. 29 91 23,238.7 16,675.2 8,792.0 1,194.7 98.559 5.700 5.864

June 28 182 22,129.6 14,504.6 5,678.3 1,018.3 97.219 5.500 5.737

 52 week:

2000 - Nov. 30 ..... 2001 - Nov. 29 364 26,694.6 12,512.1 7,749.4 295.1 94.227 5.710 6.052

Cash management:

2000 - Nov. 1 ...... 2000 - Dec. 21 50 52,233.0 32,020.5 32,020.5 0.0 99.114 6.38 6.530

Nov. 15 ..... Dec. 18 33 36,160.2 12,035.4 12,035.2 0.2 99.416 6.37 6.500

De scrip tion of new is sue Amounts of bids ac cepted On to tal com pet i tive bids ac cepted

Ma tu rity date

Num ber

of days to

 ma tu rity 1

Amount

 of bids

 ten dered To tal amount

On com pet i -

tive ba sis 2

On noncom pet i tive

ba sis 3

High price per

 hun dred

High dis count

rate (per cent)

High in vest -

ment rate

(per cent) 4

Is sue date (1) (2) (3) (4) (5) (6) (7) (8) (9)

1 All 13-week bills rep re sent ad di tional is sues of bills with an orig i nal ma tu rity of 26 weeks or 52

weeks. Cer tain 26-week bills rep re sent ad di tional is sues of bills with an orig i nal ma tu rity of 52

weeks.

2 In cludes amounts ex changed on non com pet i tive ba sis by Gov ern ment ac counts and Fed eral

Re serve Banks.

3 Ten ders for $1 mil lion or less from any one bid der are ac cepted in full at the high price of accepted com pet i tive bids. All Trea sury mar ket able auc tions are con ducted in a sin gle-price for -

mat as of No vem ber 2, 1998.

4 Equiv a lent cou pon-issue yield.
PUB LIC DEBT OP ER A TIONS 39

See foot notes at end of ta ble.

TA BLE PDO-3.—Pub lic Of fer ings of Marketable Se cu ri ties

Other than Reg u lar Weekly Trea sury Bills

[In mil lions of dol lars. Source: Bu reau of the Pub lic Debt, Of fice of Fi nancing]

Auc tion date Is sue date De scrip tion of se cu ri ties 1

 Pe riod to fi nal ma tu rity 

(years, months, days) 2

 Amount

 ten dered

 Amount 

 ac cepted

3,4

Ac cepted yield and 

equiv a lent price 

 for notes and bonds 

(1) (2) (3) (4) (5) (6) 

01/04/00 01/06/00 5.997% bill—01/04/2001 364d 30,491 14,941

01/12/00 01/18/00 4-1/4% ii note—01/15/10-A 10y 18,740 6,317 4.338 - 99.298

01/26/00 01/31/00 6-3/8% note—01/31/02-R 2y 33,731 19,347 6.434 - 99.891

02/01/00 02/03/00 6.287% bill—02/01/01 364d 30,068 16,224

02/08/00 02/15/00 5-7/8% note—11/15/04-H-re open ing 4y 9m 25,052 5 14,230 6.741 - 96.505

02/09/00 02/15/00 6-1/2% note—02/15/10-B 10y 16,782 12,270 6.540 - 99.710

02/10/00 02/15/00 6-1/4% bond—05/15/30 30y 3m 14,527 5 11,271 6.340 - 98.771

02/17/00 02/18/00 5.86% bill—04/27/00-reopening 69d 56,198 30,006

02/23/00 02/29/00 6-1/2% note—02/28/02-S 2y 36,492 16,528 6.590 - 99.834

02/29/00 03/02/00 6.197% bill—03/01/01 364d 29,797 15,612

03/02/00 03/03/00 5.77% bill—03/16/00-reopening 13d 73,094 25,014

03/28/00 03/30/00 6.09% bill—04/20/00-reopening 21d 54,001 35,003

03/29/00 03/30/00 6.11% bill—04/18/00 19d 57,225 30,071

03/29/00 03/31/00 6-1/2% note—03/31/02-T 2y 36,049 17,220 6.58 - 99.852

04/26/00 05/01/00 6-3/8% note—04/30/02-U 2y 33,052 17,372 6.484 - 99.798

05/09/00 05/15/00 6-3/4% note—05/15/05-E 5y 27,183 15,458 6.789 - 99.837

05/10/00 05/15/00 6-1/2% note—02/15/10-B-reopening 9y 9m 24,011 5 11,076 6.475 - 100.153

05/24/00 05/31/00 6-5/8% note—05/31/02-V 2y 30,049 14,838 6.749 - 99.772

05/31/00 06/01/00 6.000% bill—05/31/01 364d 30,672 13,618

06/01/00 06/02/00 5.20% bill—06/14/00 12d 20,045 7,018

06/28/00 06/30/00 6-3/8% note—06/30/02-W 2y 31,326 14,311 6.483 - 99.800

07/12/00 07/17/00 4-1/4% note—01/15/10-A-reopening 9y 6m 11,741 5 5,002 4.030 - 103.539

07/26/00 07/31/00 6-1/4% note—07/31/02-X 2y 31,358 15,037 6.284 - 99.937

08/08/00 08/15/00 6-3/4% note—05/15/05-E-reopening 4y 9m 33,786 13,189 6.060 - 102.787

08/09/00 08/15/00 5-3/4% note—08/15/10-C 10y 21,811 12,357 5.840 - 99.326

08/10/00 08/15/00 6-1/4% bond—05/15/30-reopening 29y 9m 19,340 5,774 5.697 - 107.860

08/14/00 08/15/00 6.35% bill—09/21/00-reopening 37d 57,909 21,018

08/23/00 08/31/00 6-1/8% note—08/31/02-y 2y 31,979 15,038 6.204 - 99.854

08/29/00 08/31/00 5.880% bill—08/30/01 364d 26,458 13,033

08/31/00 09/01/00 6.44% bill—09/15/00 14d 61,503 25,011

09/27/00 10/02/00 6% note—09/30/02-Z 2y 34,515 15,184 6.002 - 99.995

10/11/00 10/16/00 3-7/8% bond—4/15/29-reopening 28y 6m 9,923 5,000 3.953 - 103.628

10/25/00 10/31/00 5-3/4% note—10/31/02-N 2y 31,654 14,839 5.845 - 99.823

10/31/00 11/01/00 6.38% bill—12/21/00 50d 52,233 32,021

11/07/00 11/15/00 5-3/4% note—11/15/05-F 5y 24,635 15,804 5.870 - 99.486

11/08/00 11/15/00 5-3/4% note—8/15/10-C-reopening 9y 9m 23,105 10,075 5.865 - 99.134

11/14/00 11/15/00 6.37% bill—12/18/00 33d 36,160 12,035

11/28/00 11/30/00 5.710% bill—11/29/01 364d 26,695 12,512

11/29/00 11/30/00 5-5/8% note—11/30/02-AC 2y 36,474 15,048 5.695 - 99.869

11/30/00 12/01/00 6.45% bill—12/15/00 14d 67,780 36,033

12/27/00 01/02/01 5-1/8% note—12/31/02-AD 2y 29,928 14,834 5.130 - 99.990
40 PUB LIC DEBT OP ER A TIONS

TA BLE PDO-3.—Pub lic Of fer ings of Mar ket able Se cu ri ties

Other than Reg u lar Weekly Trea sury Bills, con.

1Cur rently, all is sues are sold at auc tion. For bill is sues, the rate shown

is the high bank dis count rate. For note and bond is sues, the rate

shown is the in ter est rate. For de tails of bill of fer ings, see ta ble PDO-2.

As of Oc to ber 1, 1997, all Trea sury is sues of notes and bonds are el i gi -

ble for STRIPS.

2 From date of ad di tional is sue in case of a re open ing.

3 In reopenings, the amount ac cepted is in ad di tion to the amount of

orig i nal of fer ings.

4 In cludes se cu ri ties is sued to U.S. Gov ern ment ac counts and Fed eral

Re serve Banks; and to for eign and in ter na tional mon e tary au thor i ties,

whether in ex change for ma tur ing se cu ri ties or for new cash.

5 In ter est be gan to ac crue be fore the is sue date (set tle ment date) of

this loan.

 Note.— Starting with the Jan u ary 5, 1999, auc tion, amounts listed as

ten dered and ac cepted are amounts ten dered and awarded on auc tion 

day. Be fore the Jan u ary 5, 1999, auc tion, amounts listed as ten dered

and ac cepted are amounts ten dered and awarded on is sue day.
PUB LIC DEBT OP ER A TIONS 41

TA BLE PDO-4A.—Al lot ments by In ves tor Class

for Mar ket able Pub lic Debt Se cu ri ties Other than Bills

[In mil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary f or Do mes tic Fi nance]

See foot notes at end of ta ble.

04/15/99 3-7/8% bond—4/15/29 7,351 350 20 17 5,093 1 527 60 871 412

04/30/99 5% note—4/30/01-X 21,034 3,020 53 1,201 12,793 7 102 1 3,585 272

05/17/99 5-1/4% note—5/15/04-F 18,925 2,562 24 456 12,569 2 374 75 1,525 1,338

05/17/90 5-1/2% note—5/15/09-B 14,795 2,045 214 584 9,956 2 572 10 750 662

06/01/99 5-1/4% note—5/31/01-Y 19,886 3,556 114 1,268 12,715 10 74 4 1,596 549

06/30/99 5-3/4% note—6/30/01-Z 19,001 2,484 243 1,540 12,398 1 392 * 1,893 50

07/15/99 3-7/8% note—1/15/09-A-reopening 7,369 368 19 115 4,686 365 1,074 20 534 188

08/02/99 5-1/2% note—7/15/01-AB 20,541 3,560 98 1,496 12,286 5 718 * 2,327 51

08/16/99 6% note—8/15/04-G 18,090 1,617 120 1,022 12,817 1 807 1 1,637 68

08/16/99 6% note—8/15/09-C 14,757 1,290 113 125 9,246 1 2,431 15 1,453 83

08/16/99 6-1/8% bond—8/15/29 11,179 1,075 15 574 6,670 - 2,391 25 266 163

08/31/99 5-1/2% note—8/31/01-AC 20,119 3,256 222 1,314 12,136 1 475 1 2,529 185

09/30/99 5-5/8% note—9/30/01-AD 18,798 2,125 401 1,655 12,101 1 119 6 2,260 130

10/15/99 3-7/8% note—4/15/29-reopening 7,370 368 499 80 3,127 255 2,722 - 279 40

11/01/99 5-7/8% note—10/31/99-AE 19,196 2,682 71 1,192 12,568 1 634 5 2,005 38

11/15/99 5-7/8% note—11/15/04-H 18,406 2,190 1,020 501 11,565 1 1,638 - 1,465 26

11/15/99 6% note—8/15/09-C-reopening 12,643 2,135 251 81 8,846 * 394 5 800 131

11/30/99 5-7/8% note—11/30/01-Q 19,473 3,143 664 1,157 11,803 6 901 * 1,660 139

12/31/99 6-1/8% note—12/31/01-R 17,195 2,175 606 1,206 12,223 7 843 * 75 60

01/18/00 4-1/4% note—1/15/10-A 6,318 316 602 68 2,552 37 2,335 5 400 3

01/31/00 6-3/8% note—1/31/02-R 19,381 4,045 392 1,513 11,409 2 168 * 1,820 32

02/15/00 5-7/8% note—11/15/04-H-reopening 14,252 1,130 81 897 9,961 * 98 * 1,854 231

02/15/00 6-1/2% note—2/15/10-B 12,278 1,170 75 488 8,713 * 562 - 1,145 125

02/15/00 6-1/4% bond—5/15/30 11,269 1,170 232 127 7,749 - 1,475 - 223 293

02/29/00 6-1/2% note—2/28/02-S 16,563 3,219 217 1,425 8,937 7 760 2 1,795 201

03/31/00 6-1/2% note—3/31/02-T 17,238 3,515 337 1,849 8,897 1 300 1 2,047 303

05/01/00 6-3/8% note—4/30/02-U 17,391 3,869 291 1,638 9,065 3 473 * 2,020 32

05/15/00 6-3/4% note—5/15/05-E 15,426 2,357 109 995 10,466 2 193 1 1,230 73

05/15/00 6-1/2% note—2/15/10-B-reopening 11,078 2,570 111 210 6,668 * 644 * 839 36

Date of

fi nanc ing De scrip tion of se cu ri ties

To tal

 is sue

Fed eral

Re serve

Banks

De pos i -

tory in sti -

tu tions 1

In di vid -

uals 2

Dealers

and

brokers

Pri vate

pen sion

and re tire -

ment

funds

In vest -

ment

funds

 In sur ance 

companies

For eign

and 

international Other 3

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
42 PUB LIC DEBT OP ER A TIONS

TA BLE PDO-4A.—Al lot ments by In ves tor Class

for Mar ket able Pub lic Debt Se cu ri ties Other than Bills, con.

[In mil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary f or Do mes tic Fi nance]

* Less than $500,000.

1

De pos i tory in sti tu tions in clude banks.

2

In cludes part ner ships and per sonal trust ac counts.

3

 Re sid ual.

Date of 

fi nanc ing De scrip tion of se cu ri ties

Total

 is sue

Fed eral 

Re serve 

Banks

 De pos i -

tory in sti -

tu tions 1

In di vid -

uals 2

Dealers

and

brokers

Pri vate

pen sion

 and re -

tire ment

funds

In vest -

ment

funds

In sur ance 

companies

For eign

and

international Other 3

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

05/31/00 6-5/8% note—5/31/02-V 14,872 3,838 67 1,845 7,674 1 125 1 1,296 25

06/30/00 6-3/8% note—6/30/02-W 14,321 3,109 58 1,517 7,831 7 112 1 1,476 210

07/17/00 4-1/4% note—1/15/10-A 5,003 - 1 403 2,537 292 1,468 - 293 9

07/31/00 6-1/4% note—7/31/02-X 15,058 3,333 64 1,249 8,020 * 27 2 2,053 310

08/15/00 6-3/4% note—5/15/05-E-reopening 13,137 2,085 55 634 8,249 * 78 - 2,030 6

08/15/00 5-3/4% note—8/15/00-C 12,360 1,254 21 88 9,214 * 247 - 1,186 350

08/15/00 6-1/4% bond—5/15/30-reopening 5,774 724 20 11 3,131 - 1,576 - 50 262

08/31/00 6-1/8% note—8/31/02-Y 15,072 3,333 61 1,355 8,091 16 2 * 1,945 269

10/02/00 6% note—9/30/02-Z 15,144 3,275 40 1,215 6,251 1 2,155 * 2,150 57

10/16/00 3-7/8% bond—4/15/29-reopening 5,001 - 15 70 1,927 525 2,132 - 330 2

10/31/00 5-3/4% note—10/31/02-N 14,857 3,333 115 944 7,886 - 776 * 1,791 12

11/15/00 5-3/4% note—11/15/02-F 15,812 2,404 7 365 11,066 * 268 - 1,640 62

11/15/00 5-3/4% note—8/15/10-C-reopening 10,078 1,275 * 45 7,819 - 30 - 889 20

11/30/00 5-5/8% note—11/30/02-AC 15,059 3,333 35 881 4,274 7 1,006 * 5,450 73
PUB LIC DEBT OP ER A TIONS 43

1Ex clu sive of banks and in sur ance com pa nies.

2

In cluded with “All other” in ves tors are cer tain Gov ern ment de posit ac counts and Gov ern -

ment-sponsored agen cies, for merly in cluded with Gov ern ment ac counts.

 Note.—For de tail of of fer ings, see ta ble PDO-3.

** Be gin ning July 1999, dif fer ent pro ce dures and cat e go ries are used to clas sify the bids by

type of in ves tor.

04/29/99 04/27/00 4.49 15,023 4,855 268 613 6,140 3,147

05/27/99 05/25/00 4.63 15,299 5,145 14 523 7,132 2,485

06/24/99 06/22/00 4.89 14,853 4,570 133 90 7,610 2,450

TA BLE PDO-4B.—Al lot ments by In ves tor Class for Mar ket able Pub lic Debt Se cu ri ties

for Bills Other than Reg u lar Weekly Se ries (His tor i cal)**

[Dol lar amounts in mil lions. Source: Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

To tal amount 

is sued Al lot ments by in ves tor class

 Date of Date of ma tu rity

 Av er age rate

(per cent) 52-week se ries

Fed eral Re serve

Banks

 Com mer cial 

banks Cor po ra tions 1

 Dealers 

and bro kers All other 2

 fi nanc ing (1) (2) (3) (4) (5) (6) (7) (8)

TA BLE PDO-4B.—Al lot ments by In ves tor Class

 for Mar ket able Pub lic Debt Se cu ri ties, 52-Week Bills**

[Dol lar amounts in mil lions. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Al lot ments by in ves tor class

Date of

 fi nanc ing

Date of

maturity

 High rate

(per cent)

To tal

amount

 is sued

Fed eral

 Re serve 

Banks

De pos i tory 

in sti tu tions 1 In di vid uals 2

Dealers and

 bro kers

Pen sion and

 re tire ment

In vest ment

funds

In sur ance

com pa nies

For eign

and in ter -

na tional All other 3

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

07/22/99 07/20/00 4.710 15,373 4,940 30 938 7,494 - 79 * 1,875 17

08/19/99 08/20/00 4.945 15,048 5,010 12 920 7,366 - 50 1 1,670 19

09/16/99 09/14/00 5.000 15,542 5,170 15 899 7,209 1 53 1 2,179 15

10/14/99 10/12/00 5.110 16,734 4,950 9 767 7,933 1 201 - 2,858 15

11/12/99 11/09/00 5.170 15,453 4,540 9 709 8,068 2 273 1 1,833 18

12/09/99 12/07/00 5.350 14,819 4,815 12 755 7,739 1 837 * 634 26

01/06/00 01/04/01 5.645 14,942 4,925 19 904 7,626 2 52 - 1,390 24

02/03/00 02/01/01 5.905 16,226 5,420 9 1,109 7,201 * 100 * 2,362 25

03/02/00 03/01/01 5.840 15,616 4,805 17 1,077 6,931 2 101 1 2,506 176

06/01/00 05/31/01 6.000 13,616 3,605 11 656 6,155 1 308 1 2,365 514

08/31/00 08/30/01 5.880 13,033 3,027 12 457 7,710 2 51 * 1,761 13

11/30/00 11/29/01 5.710 12,517 2,508 7 282 7,388 * 242 - 2,081 9

* Less than $500,000.

1

 De pos i tory in sti tu tions in clude banks.

2

 In cludes partnerships and per sonal trust ac counts.

3 Re sid ual.

 Note.—For de tail of of fer ings, see ta ble PDO-3.

** Be gin ning July 1999, dif fer ent pro ce dures and cat e go ries are used to clas sify the bids by

type of in ves tor.
44

TA BLE SBN-1.—Sales and Re demp tions by Se ries, Cu mu la tive through Dec. 31, 2000

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

 Amount out stand ing

Ac crued Sales plus In ter est- Ma tured nonSe ries Sales 1 dis count ac crued dis count Re demp tions 1 bear ing debt in ter est-bearing debt

(1) (2) (3) (4) (5) (6)

1 Sales and re demp tion fig ures in clude ex change of mi nor amounts of (1) ma tured se ries E

bonds for se ries G and K bonds from May 1951 through April 1957; (2) se ries F and J bonds for

se ries H bonds be gin ning Jan u ary 1960; and (3) U.S. sav ings notes for se ries H bonds be gin -

ning Jan u ary 1972; how ever, they ex clude ex changes of se ries E bonds for se ries H and HH

bonds.

IN TRO DUC TION: Sav ings Bonds and Notes

Se ries EE bonds, on sale since Jan u ary 1, 1998, and se ries I

bonds, on sale since Sep tem ber 1, 1998, are the sav ings bonds

cur rently be ing sold. Se ries HH bonds are is sued in ex change

for Se ries E and EE sav ings bonds and sav ings notes. Se ries

A-D were sold from March 1, 1935, through April 30, 1941.

Se ries E was on sale from May 1, 1941, through De cem ber 31,

1979 (through June 1980 to pay roll sav ers only). Se ries F and

G were sold from May 1, 1941, through April 30, 1952. Se ries

H was sold from June 1, 1952, through De cem ber 31, 1979.

Se ries HH bonds were sold for cash from Jan u ary 1, 1980,

through Oc to ber 31, 1982. Se ries J and K were sold from May

1, 1952, through April 30, 1957. U.S. sav ings notes were on

sale May 1, 1967, through June 30, 1970. The notes were el i gible for pur chase by in di vid u als with the si mul ta neous pur -

chase of se ries E sav ings bonds.

The prin ci pal terms and con di tions for pur chase and re -

demp tion and in for ma tion on in vest ment yields of sav ings

notes ap pear in the “Trea sury Bul le tins” of March 1967 and

June 1968; and in the An nual Re port of the Sec re tary of the

Trea sury for fis cal 1974.

Sav ings bonds:

 

Se ries A-D 2 ....................... 3,949 1,054 5,003 5,002 - 1

Se ries E, EE, H and HH.............. 361,305 216,175 577,480 1,343 176,802 7,794

Se ries I........................... 2,005 41 2,046 69 2,152 -

Se ries F and G..................... 28,396 1,125 29,521 29,517 - 3

Se ries J and K..................... 3,556 198 3,754 3,753 - -

Sav ings notes .....................

862 707 1,569 1,221 27 -

 To tal ...........................

400,073 219,300 619,373 40,905 178,981 7,798

2 De tails by se ries on a cu mu la tive ba sis and by pe riod of se ries A-D com bined can be found in

the Feb ru ary 1952 and pre vi ous is sues of the “Trea sury Bul le tin.”
U.S. SAV INGS BONDS AND NOTES 45

TA BLE SBN-3.—Sales and Re demp tions by Pe riod, Se ries E, EE, H, HH and I

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

 Amount out stand ing

Sales plus Re demp tions Ex change of Ma tured

Ac crued ac crued Sales Ac crued E bonds for In ter est- non-interestPe riod Sales dis count dis count To tal price dis count H and HH bonds bear ing debt bear ing debt

(1) (2) (3) (4) (5) (6) (7) (8) (9)

Se ries E and EE

Fis cal years:

1941-95 ......... 329,121 169,936 499,057 302,428 223,816 77,650 17,980 170,005 1,977

1996 ........... 6,035 9,708 15,743 11,809 6,480 5,315 1,173 172,483 2,276

1997 ........... 5,334 9,067 14,401 8,435 7,541 6,456 1,254 169,969 3,584

1998 ........... 4,765 9,141 13,906 14,136 6,954 7,182 1,190 180,744 5,091

1999 ........... 4,630 8,349 12,979 12,407 6,744 7,500 1,090 166,529 6,169 2000 ........... 3,848 6,899 10,747 11,161 5,853 6,583 924 162,749 6,525

Cal en dar years:

1941-96 ......... 332,811 185,957 518,768 312,108 235,780 83,241 19,745 170,744 4,198

1997 ........... 9,316 16,499 25,815 24,863 13,044 11,598 2,192 168,802 5,359

1998 ........... 4,870 9,152 14,022 14,123 6,669 6,326 1,981 167,375 6,250

1999 ........... 4,909 8,098 13,007 12,551 5,602 5,856 1,013 165,702 6,983

1999 - Dec ........ 551 676 1,334 1,253 569 579 88 165,702 6,983

2000 - Jan......... 384 784 1,295 791 738 791 86 165,358 6,832

Feb......... 360 689 1,165 690 520 690 102 165,146 6,677

Mar......... 430 647 1,184 766 656 766 112 164,719 6,534

Apr ......... 369 797 1,254 1,354 580 686 89 164,558 6,416

May ........ 387 601 1,115 1,249 540 611 98 163,679 6,934

June........ 378 644 1,276 1,317 579 652 86 163,420 6,810

July......... 324 757 1,349 1,246 562 600 84 163,267 6,713

Aug......... 329 671 1,270 1,392 626 666 101 162,876 6,610

Sept ........ 336 633 1,177 1,103 483 542 78 162,749 6,525

Oct......... 334 780 1,331 1,057 462 520 74 162,807 6,448 Nov......... 351 607 1,178 963 422 468 73 162,799 6,377

Dec......... 414 652 1,243 1,023 463 499 69 161,386 7,739

TA BLE SBN-2.—Sales and Re demp tions by Pe riod, All Se ries of Sav ings Bonds and Notes Com bined

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

 Amount out stand ing

Sales plus Re demp tions Ma tured

Ac crued ac crued Sales Ac crued In ter est- non-interestPe riod Sales dis count dis count To tal price 1

dis count 1bear ing debt bear ing debt

(1) (2) (3) (4) (5) (6) (7) (8)

Fis cal years:

1935-95 ................. 370,682 173,465 544,147 360,585 279,529 80,996 181,529 1,997

1996 ................. 5,936 9,822 15,758 2,495 7,234 5,261 184,423 2,292

1997 ................. 5,334 9,083 14,417 2,084 8,435 5,968 182,589 3,601

1998 ................. 4,765 9,141 13,906 14,338 6,897 7,441 180,744 5,091

1999 ................. 6,530 8,394 14,924 16,614 8,072 6,781 166,529 6,169

2000 ................. 5,645 6,940 12,585 14,511 7,050 5,864 177,659 6,544

Cal en dar years:

1935-96............... 382,305 198,008 580,313 382,776 292,607 90,169 182,781 4,222

1997 ................. 9,904 17,301 27,205 27,647 15,412 12,235 181,133 5,359

1998 ................. 4,870 9,156 14,026 13,254 6,577 6,677 180,254 6,273

1999 ................. 5,395 8,110 13,505 13,219 7,870 5,349 180,326 6,045

1999 - Dec............... 659 678 1,337 1,304 640 579 179,277 7,005

2000 - Jan............... 522 787 1,309 1,727 853 738 179,005 6,853

Feb............... 474 691 1,165 1,417 629 521 178,900 6,697

Mar............... 540 649 1,189 1,657 784 656 178,558 6,554

Apr ............... 455 801 1,256 1,464 694 580 178,459 6,435

May .............. 514 605 1,119 1,349 644 540 177,688 6,957

June .............. 630 649 1,279 1,420 687 579 177,660 6,831

July............... 590 762 1,352 1,351 672 562 177,747 6,734

Aug............... 721 677 1,398 1,633 872 626 177,604 6,630

Sept .............. 540 641 1,181 1,189 575 483 177,659 6,544

Oct ............... 546 789 1,335 1,144 556 462 177,884 6,493

Nov............... 563 617 1,180 1,043 508 422 178,079 6,418

Dec............... 637 665 1,302 1,039 485 459 176,802 7,794

See note at end of ta ble.

1 Be cause there is a nor mal lag in clas si fy ing re demp tions, the dis tri bu tion of re demp tions
46

Se ries H and HH

Fis cal years:

1952-95......... 13,556 - 13,556 19,727 19,727 - 17,980 11,524 16

1996 ........... 16 - 16 744 744 - 1,173 11,940 16

1997 ........... 10 - 10 893 893 - 1,254 12,294 17

1998 ........... 56 - 56 941 941 - 1,108 12,541 19

1999 ........... 167 - 167 1,280 1,280 - 1,080 12,813 19

2000 ........... 165 - 165 1,154 1,154 - 924 12,759 20

 

Cal en dar years:

 

1952-96......... 13,553 - 13,553 20,620 20,620 - 19,478 12,038 23

1997 ........... -7 - -7 1,693 1,693 - 2,193 12,331 23

1998 ........... 68 - 68 906 906 - 857 12,594 23

1999 ........... 37 - 37 751 751 - 1,013 12,856 19

 

1999 - Dec ........ 3 - 3 69 69 - 88 12,869 22

2000 - Jan......... 14 - 14 112 112 - 86 12,858 21

Feb ......... - - - 105 105 - 102 12,855 20

Mar ......... 5 - 5 123 123 - 112 12,839 20

Apr ......... 1 - 1 110 110 - 89 12,821 19

May ........ 4 - 4 100 100 - 98 12,810 23

June........ 3 - 3 103 103 - 86 12,797 22

July ......... 3 - 3 105 105 - 84 12,781 21

Aug ......... 8 - 8 105 105 - 101 12,770 20

Sept ........ 4 - 4 86 86 - 78 12,759 20

Oct ......... 3 - 3 88 88 - 74 12,724 45

Nov ......... 2 - 2 80 80 - 73 12,723 41

Dec ......... 59 - 59 15 15 - 69 12,704 56

Se ries I

TA BLE SBN-3.—Sales and Re demp tions by Pe riod, Se ries E, EE, H, HH and I, con.

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

Amount out stand ing 

Sales plus Re demp tions Ex change of Ma tured

Ac crued ac crued Sales Ac crued E bonds for In ter est- non-interestPe riod Sales dis count dis count To tal price dis count H and HH bonds bear ing debt bear ing debt

(1) (2) (3) (4) (5) (6) (7) (8) (9)

Fis cal years:

1999-00 ......... 1,730 41 1,771 49 49 - - 2,152 -

Cal en dar years:

1998 ........... 117 - 117 - - - - 117 -

1999 ........... 463 - 463 11 11 - - 440 -

1999 - Dec ........ 105 1 106 3 3 - - 469 -

2000 - Jan......... 124 2 126 3 3 - - 789 -

Feb......... 113 3 116 4 4 - - 898 -

Mar......... 105 2 107 4 4 - - 1,000 -

Apr......... 85 3 88 4 4 - - 1,080 -

May ........ 122 4 126 4 4 - - 1,198 -

June........ 249 5 254 5 5 - - 1,443 -

July......... 263 6 269 5 5 - - 1,700 -

Aug......... 264 6 270 6 6 - - 1,958 -

Sept ........ 200 7 207 6 6 - - 2,152 -

Oct......... 208 9 217 7 7 - - 2,353 -

Nov......... 209 11 220 6 6 - - 2,556 -

Dec......... 163 12 175 7 7 - - 2,712 -

 Note—Se ries E and EE in clude U.S. sav ings notes (Free dom Shares) on sale from

May 1, 1967, through June 30, 1970, to E bond buy ers.
47

IN TRO DUC TION: Own er ship of Fed eral Se cu ri ties

Fed eral se cu ri ties pre sented in the fol low ing ta bles are

pub lic debt se cu ri ties such as sav ings bonds, bills, notes and

bonds that the Trea sury is sues. The ta bles also de tail debt is -

sued by other Fed eral agen cies un der spe cial fi nanc ing au thor -

i ties. [See the Fed eral debt (FD) ta bles for a more com plete

de scrip tion of the Fed eral debt.]

• Ta ble OFS-1 pres ents Trea sury mar ket able and non -

mar ket able se cu ri ties and debt is sued by other Fed eral agen -

cies held by Gov ern ment ac counts, the FRBs and pri vate

in ves tors. So cial Se cu rity and Fed eral re tire ment trust fund in -

vest ments com prise much of the Gov ern ment ac count hold -

ings. 

The FRBs ac quire Trea sury se cu ri ties in the mar ket as a

means of ex e cut ing mon e tary pol icy.

• Ta ble OFS-2 pres ents the es ti mated amount of pub lic

debt se cu ri ties held by pri vate in ves tors. In for ma tion is ob -

tained from sources such as the Fed eral fi nan cial in sti tu tion

reg u la tory agen cies. State, lo cal and for eign hold ings in clude

spe cial is sues of non mar ket able se cu ri ties to mu nic i pal en ti -

ties and for eign of fi cial ac counts. They also in clude mu nic i -

pal, for eign of fi cial and pri vate hold ings of mar ket able

Trea sury se cu ri ties. (See foot notes to the ta ble for de scrip tion

of in ves tor cat e go ries.)
48 OWN ER SHIP OF FED ERAL SE CU RITIES

TA BLE OFS-1.—Dis tri bu tion of Fed eral Se cu ri ties by Class of In ves tors and Type of Is sues

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

To tal In ter est-bearing pub lic debt se cu ri ties

End of Fed eral Pub lic is sues

fis cal year se cu ri ties To tal Held by U.S. Gov ern ment ac counts held by Fed eral

or month out stand ing out stand ing To tal Mar ket able Non mar ket able Re serve Banks

(1) (2) (3) (4) (5) (6)

1996 ......................... r 5,259,842 5,220,790 r 1,447,003 1,506 r 1,445,497 390,924

1997 ......................... r 5,446,320 5,407,528 r 1,596,765 1,254 r 1,595,511 436,496

1998 ......................... r 5,555,552 5,518,681 r 1,763,860 1,254 r 1,762,606 458,131

1999 ......................... r 5,684,776 5,647,241 r 1,988,674 1,123 r 1,987,551 496,472

2000 ......................... 5,701,850 5,622,092 2,235,710 461 2,235,249 511,413

1999 - Dec .................... 5,805,009 5,766,093 2,060,560 1,123 2,059,437 477,735

2000 - Jan..................... 5,739,855 5,701,444 2,080,140 1,123 2,079,017 499,967

Feb .................... 5,763,410 5,725,655 2,085,861 1,123 2,084,738 500,539

Mar .................... 5,801,544 5,763,794 2,085,418 1,123 2,084,295 501,708

Apr .................... 5,713,047 5,646,150 2,110,760 1,123 2,109,637 506,696

May .................... 5,674,829 5,637,059 2,127,639 459 2,127,180 506,744

June ................... 5,714,216 5,675,889 2,190,225 459 2,189,766 504,950

July .................... 5,686,531 5,648,865 2,197,056 461 2,196,595 506,103

Aug .................... 5,705,463 5,667,989 r 2,206,153 461 r 2,205,692 510,182

Sept.................... 5,701,850 5,622,092 2,235,710 461 2,235,249 511,413

Oct..................... 5,684,542 5,647,557 2,248,622 461 2,248,161 526,994

Nov .................... 5,736,948 5,700,007 2,258,481 461 2,258,020 530,201

Dec .................... 5,689,593 5,618,061 2,248,675 461 2,248,214 532,815

Ma tured Agency se cu ri ties

pub lic Held by

debt U.S. Gov ern ment

End of In ter est-bearing pub lic debt se cu ri ties, con. and debt ac counts and Held by

fis cal year Held by pri vate in ves tors bear ing no To tal Fed eral Re serve pri vate

or month To tal Mar ket able Non mar ket able in ter est out stand ing Banks in ves tors

(7) (8) (9) (10) (11) (12) (13)

1996......................... r 3,382,863 3,025,941 r 356,922 4,021 r 35,030 7,606 r 27,424

1997......................... r 3,374,267 3,001,866 r 372,401 5,618 r 33,173 7,098 r 26,075

1998......................... r 3,296,690 2,871,645 r 425,045 7,512 r 29,359 3,917 r 25,442

1999......................... r 3,162,094 2,735,403 r 426,691 9,030 r 28,505 634 r 27,871

2000......................... 2,874,969 2,480,878 394,092 52,086 27,672 51 27,621

1999 - Dec .................... 3,227,798 2,802,125 425,673 9,998 28,918 634 28,284

2000 - Jan .................... 3,121,337 2,698,710 422,627 9,841 28,570 384 28,186

Feb .................... 3,139,255 2,717,058 422,197 9,678 28,077 384 27,693

Mar .................... 3,176,668 2,758,400 418,269 9,597 28,152 384 27,768

Apr .................... 3,028,694 2,611,441 417,253 38,958 27,939 384 27,555

May.................... 3,002,676 2,585,194 417,482 10,111 27,659 51 27,608

June ................... 2,980,714 2,565,321 415,392 10,050 28,278 51 28,227

July .................... 2,945,706 2,539,547 406,159 9,943 27,724 51 27,673

Aug .................... r 2,951,654 2,545,893 r 405,762 9,833 27,641 51 27,590

Sept.................... 2,874,969 2,480,878 394,092 52,086 27,672 51 27,621

Oct..................... 2,871,941 2,466,427 405,514 9,770 27,214 51 27,163

Nov .................... 2,911,325 2,506,065 405,259 9,693 27,249 51 27,198

Dec .................... 2,836,571 2,433,609 402,962 44,155 27,377 51 27,326
49

1 Source: “Monthly State ment of the Pub lic Debt of the United States.” Face value.

2 Sources: Fed eral Re serve Bul le tin, ta ble 1.18, Fed eral Re serve Banks, state ment of con di -

tion, for Sys tem Open Mar ket Ac counts; and U. S. Trea sury for Gov ern ment ac counts. Fed eral

Re serve hold ings ex clude Trea sury se cu ri ties held un der re pur chase agree ments.

3

 Source: Fed eral Re serve Board of Gov er nors, Flow of Funds Ta ble L.209. 

4 In cludes com mer cial banks, sav ings in sti tu tions and credit un ions.

5 Source: “Monthly State ment of the Pub lic Debt of the United States.” Cur rent

 ac crual value.

6 In cludes U.S. Trea sury se cu ri ties held by the Fed eral Em ployees Re tire ment Sys tem Thrift

Sav ings Plan "G Fund."

7

 In cludes money mar ket mu tual funds, mu tual funds and closed-end in vest ment com pa nies.

8 Source: Fed eral Re serve Board Trea sury In ter na tional Cap i tal Sur vey. In cludes non mar ketable for eign se ries Trea sury se cu ri ties and Trea sury de posit funds. Ex cludes Trea sury se cu ri -

ties held un der re pur chase agree ments in cus tody ac counts at the Fed eral Re serve Bank of

New York. Es ti mates re flect the 1984 bench mark to De cem ber 1989, the 1989 bench mark to

De cem ber 1994 and the 1994 bench mark to date.

9 In cludes in di vid u als, Gov ern ment-sponsored en ter prises, bro kers and deal ers, bank per s onal

trusts and es tates, cor po rate and non-corporate busi nesses, and other in ves tors.

 Note.—Own er ship data were re vised (in June 1999) back to March 1989 in or der to up date

own er ship cat e go ries and to in cor po rate greater re li ance on Flow of Funds data of the Fed eral

Re serve Board.

TA BLE OFS-2.—Es ti mated Own er ship of U.S. Trea sury Se cu ri ties

[In bil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

1990 - Mar ....... 3,052.0 935.4 2,116.6 218.8 119.9 116.6 139.0 132.3 142.7 401.1 445.4 400.8

June ...... 3,143.8 1,003.8 2,140.0 214.2 121.9 122.6 144.6 133.7 141.2 405.0 451.0 405.7

Sept ....... 3,233.3 1,026.0 2,207.3 214.8 123.9 126.5 146.4 136.4 147.6 407.3 463.8 440.7

Dec....... 3,364.8 1,059.5 2,305.3 206.5 126.2 129.7 144.5 138.2 162.8 410.6 487.1 499.8

1991 - Mar ....... 3,465.2 1,104.6 2,360.6 222.5 129.7 122.9 153.4 147.2 186.1 415.6 492.0 491.2

June ...... 3,538.0 1,139.1 2,398.9 231.5 133.2 122.8 155.0 156.8 180.1 416.8 502.0 500.7

Sept ....... 3,665.3 1,166.9 2,498.4 251.7 135.4 126.2 140.2 171.4 199.5 430.2 506.3 537.6

Dec....... 3,801.7 1,223.2 2,578.5 271.5 138.1 126.9 141.7 181.8 221.8 435.5 520.9 540.3

1992 - Mar ....... 3,881.3 1,215.5 2,665.8 300.5 142.0 116.9 140.7 188.4 227.9 460.0 536.4 553.0

June ...... 3,984.7 1,272.3 2,712.4 315.1 145.4 116.7 146.7 192.8 235.2 435.6 558.2 566.7

Sept ....... 4,064.6 1,282.4 2,782.2 337.1 150.3 120.0 166.4 194.8 245.1 429.3 562.8 576.5

Dec....... 4,177.0 1,329.7 2,847.3 348.3 157.3 121.1 172.3 197.5 259.5 418.2 576.7 596.4

1993 - Mar ....... 4,230.6 1,328.6 2,902.0 362.6 163.6 112.1 171.2 208.0 261.5 434.0 585.9 603.2

June ...... 4,352.0 1,400.6 2,951.4 361.0 166.5 111.6 176.9 217.8 269.2 441.2 596.8 610.4

Sept ....... 4,411.5 1,422.2 2,989.3 366.2 169.1 125.1 188.7 229.4 283.9 434.0 619.1 573.9

Dec....... 4,535.7 1,476.1 3,059.6 373.0 171.9 119.3 186.3 234.5 294.0 447.8 650.3 582.5

1994 - Mar ....... 4,575.9 1,476.0 3,099.9 397.4 175.0 119.6 195.0 233.4 278.0 443.4 661.1 597.0

June ...... 4,645.8 1,547.5 3,098.3 383.9 177.1 128.9 193.4 238.1 271.6 425.2 659.9 620.3

Sept ....... 4,692.8 1,562.8 3,130.0 364.0 178.6 135.9 191.9 243.7 265.3 398.2 682.0 670.4

Dec....... 4,800.2 1,622.6 3,177.6 339.6 180.5 139.4 192.1 240.1 273.0 370.0 667.3 775.6

1995 - Mar ....... 4,864.1 1,619.3 3,244.8 352.9 181.4 141.1 203.1 244.2 273.1 350.5 707.0 791.6

June ...... 4,951.4 1,690.1 3,261.3 340.0 182.6 142.0 197.2 245.0 263.9 313.7 762.5 814.6

Sept ....... 4,974.0 1,688.0 3,286.0 330.8 183.5 141.4 193.0 245.2 272.6 304.3 820.4 794.8

Dec....... 4,988.7 1,681.0 3,307.7 315.4 185.0 142.0 191.7 241.5 286.5 289.8 835.2 820.6

1996 - Mar ....... 5,117.8 1,731.1 3,386.7 322.1 185.8 143.7 198.9 239.4 310.4 283.6 908.1 794.7

June ...... 5,161.1 1,806.7 3,354.4 318.7 186.5 143.9 208.2 229.5 306.5 283.3 929.7 748.1

Sept ....... 5,224.8 1,831.6 3,393.2 310.9 186.8 140.5 202.4 226.8 308.4 263.8 993.4 760.2

Dec....... 5,323.2 1,892.0 3,431.2 296.6 187.0 139.3 203.5 214.1 315.8 257.0 1,102.1 715.8

1997 - Mar ....... 5,380.9 1,928.7 3,452.2 317.3 186.5 140.6 203.7 182.2 310.6 250.6 1,157.6 703.1

June....... 5,376.2 1,998.9 3,377.3 300.2 186.3 141.0 209.3 183.6 305.4 243.3 1,182.7 625.5

Sept ....... 5,413.1 2,011.5 3,401.6 292.8 186.2 141.6 219.7 187.3 311.4 237.7 1,230.5 594.3

Dec........ 5,502.4 2,087.8 3,414.6 300.3 186.5 142.5 216.9 176.6 321.5 239.3 1,241.6 589.5

1998 - Mar ....... 5,542.4 2,104.9 3,437.5 308.2 186.3 142.8 211.9 169.4 325.1 238.1 1,250.5 605.2

June ...... 5,547.9 2,198.6 3,349.3 290.7 186.0 145.2 214.8 160.6 319.4 258.5 1,256.0 518.1

Sept ....... 5,526.2 2,213.0 3,313.2 244.4 186.0 150.6 211.2 151.3 319.7 266.4 1,224.2 559.4

Dec....... 5,614.2 2,280.2 3,334.0 237.3 186.7 157.8 217.7 144.5 343.2 269.3 1,278.7 498.8

1999 - Mar ....... 5,651.6 2,324.1 3,327.5 246.5 186.5 161.2 218.4 140.3 351.7 272.5 1,272.1 478.3

June ...... 5,638.8 2,439.6 3,199.2 240.6 186.5 165.5 222.5 136.3 334.9 279.1 1,258.6 375.2

Sept ....... 5,656.3 2,480.9 3,175.4 239.9 r 186.2 167.4 217.3 130.6 338.3 271.6 1,281.3 r 342.8

Dec....... 5,776.1 2,542.2 3,233.9 246.4 186.4 171.3 213.2 125.3 348.6 266.8 1,268.8 407.1

2000 - Mar ....... 5,773.4 2,590.6 3,182.8 r 234.9 185.3 174.8 211.1 124.0 r 339.6 257.2 r 1,273.8 r 382.1

June ...... 5,685.9 2,698.6 2,987.4 r 219.3 184.6 r 177.3 r 210.5 r 121.3 r 322.5 256.4 r 1,248.8 r 246.7

Sept ....... 5,674.2 2,737.9 2,936.2 p 218.7 r 184.3 p 182.0 p 208.9 p 120.4 p 325.4 p 246.9 1,225.2 224.4

Dec....... 5,662.2 2,781.9 2,880.4 n.a. p 184.8 n.a. n.a. n.a. n.a. n.a. p 1,220.8 n.a.

Fed eral

Re serve

and Gov ernment ac -

counts 2

Pen sion funds 3

To tal

pub lic

debt 1

To tal

pri vately

held

 De pos i tory

in sti tu -

tions3,4

 U.S.

 sav ings

 bonds 5 Pri vate 6

State and

 lo cal gov ernments

 In sur ance 

companies3Mu tual 

funds 3,7

State

and lo cal

gov ernments 3

 For eign

and inter-

 na tional 8

 Other

 in ves tors 9

End of month (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
IN TRO DUC TION: Mar ket Yields

The ta bles and charts in this sec tion pres ent yields on

Trea sury mar ket able se cu ri ties, and com pare long-term yields

on Trea sury se cu ri ties with yields on long-term cor po rate and

mu nic i pal se cu ri ties.

• Ta ble MY-1 lists Trea sury mar ket bid yields at con -

stant ma tu ri ties for bills, notes and bonds. The Trea sury yield

curve in the ac com pa ny ing chart is based on cur rent mar ket

bid quo ta tions on the most ac tively traded Trea sury se cu ri ties

as of 3:30 p.m. on the last busi ness day of the cal en dar quar ter. 

The Trea sury uses quo ta tions ob tained by the FRB of

New York to de rive the yield curve, based on semi an nual in -

ter est pay ments and read at con stant ma tu rity points to de -

velop a con sis tent data se ries. Yields on Trea sury bills are

cou pon equiv a lent yields of bank dis count rates at which

Trea sury bills trade in the mar ket. The Board of Gov er nors of

the Fed eral Re serve Sys tem pub lishes the Trea sury con stant

ma tu rity data se ries in its weekly H.15 press re lease.

• Ta ble MY-2 shows av er age yields of long-term Trea -

sury, cor po rate and mu nic i pal bonds. The long-term Trea sury

av er age yield is the 30-year con stant ma tu rity yield. The cor -

po rate bond av er age yield is de vel oped by Trea sury by cal cu -

lat ing reoffering yields on new long-term se cu ri ties ma tur ing

in at least 20 years and rated Aa by Moody’s In ves tors Ser vice. 

The mu nic i pal bond av er age yield prior to 1991 was com piled

by Trea sury. Be gin ning with Jan u ary 1991, the av er age yield

is the “Mu nic i pal Bond Yield Av er age,” pub lished by

Moody’s In ves tors Ser vice for 20-year reoffering yields on se -

lected Aa-rated gen eral ob li ga tions. See the foot notes for fur -

ther ex pla na tion.

50

TA BLE MY-1.—Trea sury Mar ket Bid Yields at Con stant Ma tu rities:

Bills, Notes and Bonds*

[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

* Rates are from the Trea sury yields curve.

Period 3-mo. 6-mo. 1-yr. 2-yr. 3-yr. 5-yr. 7-yr. 10-yr. 30-yr.

(1) (2) (3) (4) (5) (6) (7) (8) (9)

Monthly av er age:

2000 - Jan ................ 5.50 5.76 6.12 6.44 6.49 6.58 6.70 6.66 6.63

Feb ............... 5.73 6.00 6.22 6.61 6.65 6.68 6.72 6.52 6.23

Mar ............... 5.86 6.11 6.22 6.53 6.53 6.50 6.51 6.26 6.05

Apr ................ 5.82 6.07 6.15 6.40 6.36 6.26 6.27 5.99 5.85

May ............... 5.99 6.39 6.33 6.81 6.77 6.69 6.69 6.44 6.15

June............... 5.86 6.24 6.17 6.48 6.43 6.30 6.33 6.10 5.93

July ............... 6.14 6.27 6.08 6.34 6.28 6.18 6.22 6.05 5.85

Aug ............... 6.28 6.35 6.18 6.23 6.17 6.06 6.05 5.83 5.72

Sept............... 6.18 6.25 6.13 6.08 6.02 5.93 5.98 5.80 5.83

Oct................ 6.29 6.32 6.01 5.91 5.85 5.78 5.84 5.74 5.80

Nov ............... 6.36 6.34 6.09 5.88 5.79 5.70 5.78 5.72 5.78

Dec ............... 5.94 5.92 5.60 5.35 5.26 5.17 5.28 5.24 5.49

End of month: 

2000 - Jan................ 5.76 5.97 6.30 6.61 6.65 6.71 6.75 6.68 6.49

Feb ............... 5.78 6.02 6.20 6.53 6.58 6.61 6.67 6.42 6.15

Mar ............... 5.88 6.15 6.28 6.50 6.44 6.32 6.28 6.03 5.84

Apr ................ 5.82 6.12 6.24 6.68 6.64 6.56 6.49 6.23 5.97

May ............... 5.63 6.35 6.37 6.69 6.66 6.54 6.52 6.29 6.02

June............... 5.88 6.23 6.08 6.38 6.31 6.18 6.25 6.03 5.90

July ............... 6.27 6.42 6.07 6.30 6.24 6.16 6.19 6.04 5.79

Aug ............... 6.31 6.38 6.22 6.18 6.09 5.98 5.98 5.73 5.67

Sept............... 6.23 6.28 6.07 5.98 5.91 5.85 5.93 5.80 5.88

Oct................ 6.38 6.36 6.12 5.94 5.87 5.83 5.87 5.77 5.79

Nov ............... 6.21 6.18 5.92 5.61 5.52 5.42 5.50 5.48 5.60

Dec ............... 5.89 5.70 5.32 5.11 5.06 4.99 5.16 5.12 5.46
MARKET YIELDS 51

4.5

5.0

5.5

6.0

6.5

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30

* Source: Of fice of Mar ket Fi nance

CHART MY-A.—Yields of Trea sury Se cu ri ties, Decem ber 29, 2000*

Based on clos ing bid quo ta tions (in per cent ages)

Note: The curve is based only on the most ac -

tively traded is sues. Mar ket yields on cou pon

is sues due in less than 3 months are ex cluded.

Years to ma tu rity
52 MARKET YIELDS

TA BLE MY-2.—Av er age Yields of Long-Term Trea sury, Cor po rate and Mu nic i pal Bonds

[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

 

 Pe riod 

Trea sury

30-yr.

bonds

 New Aa

corporate

bonds 1

New Aa

municipal

bonds 2

 (1) (2) (3)

See foot notes at end of ta ble.

1989

Jan ...................................................................................... 8.93 9.92 7.18

Feb ...................................................................................... 9.01 10.11 7.31

Mar ...................................................................................... 9.17 10.33 7.42

Apr ...................................................................................... 9.03 10.11 7.30

May...................................................................................... 8.83 9.82 7.05

June ..................................................................................... 8.27 9.24 6.94

July ...................................................................................... 8.08 9.20 6.89

Aug ...................................................................................... 8.12 9.09 6.73

Sept...................................................................................... 8.15 9.29 7.10

Oct ...................................................................................... 8.00 9.04 7.13

Nov ...................................................................................... 7.90 9.20 6.95

Dec ...................................................................................... 7.90 9.23 6.76

1990

Jan ...................................................................................... 8.26 9.56 6.95

Feb ...................................................................................... 8.50 9.68 7.03

Mar ...................................................................................... 8.56 9.79 7.09

Apr ...................................................................................... 8.76 10.02 7.26

May...................................................................................... 8.73 9.97 7.14

June ..................................................................................... 8.46 9.69 6.98

July ...................................................................................... 8.50 9.72 7.03

Aug ...................................................................................... 8.86 10.05 7.13

Sept...................................................................................... 9.03 10.17 7.15

Oct ...................................................................................... 8.86 10.09 7.24

Nov ...................................................................................... 8.54 9.79 6.87

Dec ...................................................................................... 8.24 9.55 6.85

1991

Jan ...................................................................................... 8.27 9.60 7.00

Feb ...................................................................................... 8.03 9.14 6.61

Mar ...................................................................................... 8.29 9.14 6.88

Apr ...................................................................................... 8.21 9.07 6.81

May...................................................................................... 8.27 9.13 6.78

June ..................................................................................... 8.47 9.37 6.90

July ...................................................................................... 8.45 9.38 6.89

Aug ...................................................................................... 8.14 8.88 6.66

Sept...................................................................................... 7.95 8.79 6.58

Oct ...................................................................................... 7.93 8.81 6.44

Nov ...................................................................................... 7.92 8.72 6.37

Dec ...................................................................................... 7.70 8.55 6.43

1992

Jan ...................................................................................... 7.58 8.36 6.29

Feb ...................................................................................... 7.85 8.63 6.42

Mar ...................................................................................... 7.97 8.62 6.59

Apr ...................................................................................... 7.96 8.59 6.54

May...................................................................................... 7.89 8.57 6.39

June ..................................................................................... 7.84 8.45 6.32

July ...................................................................................... 7.60 8.19 5.90

Aug ...................................................................................... 7.39 7.96 5.81

Sept...................................................................................... 7.34 7.99 6.05

Oct ...................................................................................... 7.53 8.17 6.18

Nov ...................................................................................... 7.61 8.25 6.22

Dec ...................................................................................... 7.44 8.12 6.02

MONTHLY SERIES AV ER AGES OF DAILY OR WEEKLY SERIES
MARKET YIELDS 53

TA BLE MY-2.—Av er age Yields of Long-Term Trea sury, Cor po rate and Mu nic i pal Bonds, con.

[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Pe riod 

Trea sury

30-yr.

bonds

New Aa

cor po rate

bonds 1

New Aa

mu nic i pal

bonds 2

(1) (2) (3)

MONTHLY SERIES—AV ER AGES OF DAILY OR WEEKLY SERIES

See foot notes at end of ta ble.

1993

Jan ...................................................................................... 7.34 7.91 6.05

Feb ...................................................................................... 7.09 7.73 5.74

Mar ...................................................................................... 6.82 7.39 5.54

Apr ...................................................................................... 6.85 7.48 5.64

May ...................................................................................... 6.92 7.52 5.61

June ..................................................................................... 6.81 7.48 5.54

July ...................................................................................... 6.63 7.35 5.40

Aug ...................................................................................... 6.32 7.04 5.50

Sept ...................................................................................... 6.00 6.88 5.44

Oct ...................................................................................... 5.94 6.88 5.23

Nov ...................................................................................... 6.21 7.17 5.19

Dec ...................................................................................... 6.25 7.22 5.27

1994

Jan ...................................................................................... 6.29 7.16 5.19

Feb ...................................................................................... 6.49 7.27 5.16

Mar ...................................................................................... 6.91 7.64 5.47

Apr ...................................................................................... 7.27 7.95 5.59

May ...................................................................................... 7.41 8.17 5.79

June ..................................................................................... 7.40 8.16 5.96

July ...................................................................................... 7.58 8.30 6.11

Aug ...................................................................................... 7.49 8.25 6.07

Sept ...................................................................................... 7.71 8.48 6.10

Oct ...................................................................................... 7.94 8.76 6.31

Nov ...................................................................................... 8.08 8.89 6.79

Dec ...................................................................................... 7.87 8.66 6.63

1995

Jan ...................................................................................... 7.85 8.59 6.48

Feb ...................................................................................... 7.61 8.39 6.09

Mar ...................................................................................... 7.45 8.23 5.91

Apr ...................................................................................... 7.36 8.10 5.80

May ...................................................................................... 6.95 7.68 5.75

June ..................................................................................... 6.57 7.42 5.61

July ...................................................................................... 6.72 7.54 5.69

Aug ...................................................................................... 6.86 7.75 5.81

Sept ...................................................................................... 6.55 7.42 5.75

Oct ...................................................................................... 6.37 7.29 5.80

Nov ...................................................................................... 6.26 7.20 5.56

Dec ...................................................................................... 6.06 7.02 5.46

1996

Jan ...................................................................................... 6.05 7.00 5.41

Feb ...................................................................................... 6.24 7.14 5.41

Mar ...................................................................................... 6.60 7.58 5.57

Apr ...................................................................................... 6.79 7.81 5.72

May ...................................................................................... 6.93 7.87 5.73

June ..................................................................................... 7.06 8.00 5.82

July ...................................................................................... 7.03 7.97 5.82

Aug ...................................................................................... 6.84 7.68 5.69

Sept ...................................................................................... 7.03 7.84 5.62

Oct ...................................................................................... 6.81 7.69 5.53

Nov ...................................................................................... 6.48 7.43 5.47

Dec ...................................................................................... 6.55 7.45 5.47
54 MARKET YIELDS

1 Trea sury se ries based on 3-week mov ing av er age of reoffering yields of new cor po rate

bonds rated Aa by Moody’s In ves tors Ser vice with an orig i nal ma tu rity of at least 20 years.

2 In dex of new reoffering yields on 20-year gen eral ob li ga tions rated Aa by Moody’s In ves tors 

Ser vice. Source: U.S. Trea sury, 1980-90; Moody’s, Jan u ary 1991 to pres ent.

MONTHLY SERIES—AV ER AGES OF DAILY OR WEEKLY SERIES

TA BLE MY-2.—Av er age Yields of Long-Term Trea sury, Cor po rate and Mu nic i pal Bonds, con.

[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Pe riod 

Trea sury

30-yr.

bonds

New Aa

corporate

bonds 1

New Aa 

mu nic i pal

bonds 2

(1) (2) (3)

MONTHLY SERIES—AV ER AGES OF DAILY OR WEEKLY SERIES

1997

Jan ...................................................................................... 6.83 7.62 5.53

Feb ...................................................................................... 6.69 7.54 5.40

Mar ...................................................................................... 6.93 7.85 5.59

Apr ...................................................................................... 7.09 8.04 5.73

May ...................................................................................... 6.94 7.90 5.53

June ..................................................................................... 6.77 7.71 5.39

July ...................................................................................... 6.51 7.44 5.27

Aug ...................................................................................... 6.58 7.30 5.27

Sept...................................................................................... 6.50 7.04 5.25

Oct ...................................................................................... 6.33 6.90 5.26

Nov ...................................................................................... 6.11 6.79 5.23

Dec ...................................................................................... 5.99 6.68 5.07

1998

Jan ...................................................................................... 5.81 6.62 4.93

Feb ...................................................................................... 5.89 6.66 4.96

Mar ...................................................................................... 5.95 6.63 5.10

Apr ...................................................................................... 5.92 6.59 5.10

May ...................................................................................... 5.93 6.63 5.17

June ..................................................................................... 5.70 6.43 5.01

July ...................................................................................... 5.68 6.36 5.04

Aug ...................................................................................... 5.54 6.34 5.06

Sept...................................................................................... 5.20 6.26 4.94

Oct ...................................................................................... 5.01 6.21 4.82

Nov ...................................................................................... 5.25 6.42 4.93

Dec ...................................................................................... 5.06 6.13 4.90

1999

Jan ...................................................................................... 5.16 6.14 4.94

Feb ...................................................................................... 5.37 6.33 4.89

Mar ...................................................................................... 5.58 6.52 5.02

Apr ...................................................................................... 5.55 6.58 5.00

May ...................................................................................... 5.81 6.86 5.15

June ..................................................................................... 6.04 7.21 5.31

July ...................................................................................... 5.98 7.20 5.30

Aug ...................................................................................... 6.07 7.36 5.56

Sept...................................................................................... 6.07 7.38 5.67

Oct ...................................................................................... 6.26 7.51 5.84

Nov ...................................................................................... 6.15 7.35 5.90

Dec ...................................................................................... 6.35 7.55 5.91

2000

Jan ...................................................................................... 6.63 7.83 6.02

Feb ...................................................................................... 6.23 7.59 5.95

Mar ...................................................................................... 6.05 7.54 5.80

Apr ...................................................................................... 5.85 7.49 5.64

May ...................................................................................... 6.15 7.85 5.94

June ..................................................................................... 5.93 7.75 5.74

July ...................................................................................... 5.85 7.66 5.59

Aug ...................................................................................... 5.72 7.47 5.48

Sept...................................................................................... 5.83 7.50 5.50

Oct ...................................................................................... 5.80 7.50 5.56

Nov ...................................................................................... 5.78 7.41 5.50

Dec ...................................................................................... 5.49 7.21 5.23
CHART MY-B.—Av er age Yields of Long-Term

Trea sury, Cor po rate and Mu nic i pal Bonds*

Monthly av er ages (in per cent ages)

MARKET YIELDS 55

Cal en dar years

*Source: Of fice of Mar ket Fi nance

4

5

6

7

8

9

10

11

88 89 90 91 92 93 94 95 9 6 97 98 99 00 01

Treas ury 30-yr. b onds

Aa corpora te bonds

Aa municipal bo nds
IN TRO DUC TION: U.S. Cur rency and Coin Out stand ing and in Cir cu la tion

The U.S. Cur rency and Coin Out stand ing and in Cir cu la -

tion (USCC) state ment informs the pub lic of the to tal face

value of cur rency and coin used as a me dium of ex change that

is in cir cu la tion at the end of a given ac count ing month. The

state ment de fines the to tal amount of cur rency and coin out -

stand ing and the por tion deemed to be in cir cu la tion. It in -

cludes some old and cur rent rare is sues that do not cir cu late or

that may do so to a lim ited ex tent. Trea sury in cludes them in

the state ment be cause the is sues were orig i nally in tended for

gen eral cir cu la tion.

The USCC state ment pro vides a de scrip tion of the var i ous 

is sues of pa per money. It also gives an es ti mated av er age of

cur rency and coin held by each in di vid ual, us ing es ti mates of

pop u la tion from the Bu reau of the Cen sus. USCC in for ma tion

has been pub lished by Trea sury since 1888, and was pub lished 

sep a rately un til 1983, when it was in cor po rated into the “Trea -

sury Bul le tin.” The USCC co mes from monthly re ports com -

piled by Trea sury of fices, var i ous U.S. Mint of fices, the

Fed eral Re serve Banks (FRBs) and the Fed eral Re serve

Board.

56

TA BLE USCC-1.—Amounts Out stand ing and in Cir cu la tion, Dec. 31, 2000

[Source: Fi nan cial Man age ment Ser vice]

To tal cur rency

 and coin To tal currency Fed eral Re serve notes 1 U.S. notes

Cur rency no 

lon ger is sued 

Cur rency (1) (2) (3) (4) (5)

Amounts out stand ing. ................ $783,356,656,170 $752,233,536,072 $751,714,098,765 $265,547,816 $253,889,491

Less amounts held by:

The Trea sury. .................... 390,563,717 22,077,567 21,876,634 20,739 180,194

FRBs ........................... 189,092,314,454 188,263,970,356 188,263,964,979 20 5,357

Amounts in cir cu la tion................ $593,873,777,999 $563,947,488,149 $563,428,257,152 $265,527,057 $253,703,940

 To tal Dol lars 3 Frac tional coins

Coins2 (1) (2) (3)

Amounts out stand ing. .................. $31,123,120,098 $3,354,303,898 $27,768,816,200

Less amounts held by:

The Trea sury. ....................... 368,486,150 315,125,000 53,361,150

FRBs ............................. 828,344,098 307,480,425 520,863,673

Amounts in cir cu la tion .................. $29,926,289,850 $2,731,698,473 $27,194,591,377

See foot notes fol low ing ta ble USCC-2.
U.S. CUR RENCY AND COIN OUT STAND ING AND IN CIR CU LA TION 57

1 Is sued on or af ter July 1, 1929.

2

 Ex cludes coins sold to col lec tors at pre mium prices.

3

 In cludes $481,781,898 in stan dard sil ver dol lars.

4 Rep re sents value of cer tain par tial de nom i na tions not pre sented for re demp tion.

5 Based on Bu reau of the Cen sus es ti mates of pop u la tion.

$1 ............................. $7,654,183,465 $7,507,208,143 $143,481 $146,831,841

$2 ............................. 1,239,584,714 1,107,168,774 132,403,366 12,574

$5 ............................. 8,853,692,030 8,713,145,855 109,955,210 30,590,965

$10 ............................ 14,539,278,190 14,517,145,920 5,950 22,126,320

$20 ............................ 98,612,978,200 98,592,871,260 3,360 20,103,580

$50 ............................ 55,047,265,650 55,035,767,900 - 11,497,750

$100 ........................... 377,685,596,300 377,640,589,300 23,015,600 21,991,400

$500 ........................... 143,203,000 143,015,000 - 188,000

$1,000.......................... 166,511,000 166,305,000 - 206,000

$5,000.......................... 1,755,000 1,700,000 - 55,000

$10,000......................... 3,440,000 3,340,000 - 100,000

Frac tional parts................... 485 - - 485

Par tial notes 4 ....................... 115 - 90 25

To tal cur rency .................. $563,947,488,149 $563,428,257,152 $265,527,057 $253,703,940

Dec. 31, 2000................................... 593,874 $2,146.81

Nov. 30, 2000................................... 579,781 2,097.29

Oct. 31, 2000 ................................... 572,444 2,073.45

July 31, 1999 .................................... 533,492 1,953.25

Sept. 30, 1995................................... 409,272 1,553.15

Sept. 30, 1990................................... 278,903 1,105.14

Sept. 30, 1985................................... 187,337 782.45

Sept. 30, 1980................................... 129,916 581.48

June 30, 1975 ................................... 81,196 380.08

June 30, 1970 ................................... 54,351 265.39

June 30, 1965 ................................... 39,719 204.14

June 30, 1960 ................................... 32,064 177.47

June 30, 1955 ................................... 30,229 182.90

TA BLE USCC-2.—Amounts Out stand ing and in Cir cu la tion, Dec. 31, 2000

[Source: Fi nan cial Man age ment Ser vice]

To tal Fed eral Re serve notes 1 U.S. notes 

 Cur rency no

lon ger is sued

Cur rency in cir cu la tion by de nom i na tion (1) (2) (3) (4)

 Amount (in mil lions) Per ca pita 5

Com par a tive to tals of cur rency and coins in cir cu la tion—se lected dates (1) (2)
61

TA BLE IFS-1.—U.S. Re serve As sets

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

1996 ................ 75,089 11,048 10,312 38,294 15,435

1997 ................ 69,954 11,047 10,027 30,809 18,071

1998 ................ 81,761 11,046 10,603 36,001 24,111

1999 ................ 71,516 11,048 10,336 32,182 17,950

2000 - Jan............ 69,898 11,048 10,199 30,941 17,710

Feb............ 69,309 11,048 10,277 30,406 17,578

Mar............ 70,789 11,048 10,335 31,535 17,871

Apr ............ 66,587 11,048 10,122 30,014 15,403

May ........... 67,160 11,048 10,310 30,429 15,373

June ........... 67,955 11,046 10,444 31,037 15,428

July............ 66,516 11,046 10,257 30,130 15,083

Aug............ 65,333 11,046 10,371 30,118 13,798

Sept ........... 66,256 11,046 10,316 31,209 13,685

Oct ............ 65,257 11,046 10,169 30,514 13,528

Nov............ 65,523 11,046 10,369 30,617 13,491

Dec............ 67,647 11,046 10,539 31,238 14,824

2001 - Jan............ 67,542 11,046 10,497 30,920 15,079

1 Be gin ning July 1974, the In ter na tional Mon e tary Fund (IMF) adopted a tech nique for val u i ng

the spe cial draw ing right ( SDR) based on a weighted av er age of ex change rates for the cur ren -

cies of se lected mem ber coun tries. The U.S. SDR hold ings and re serve po si tion in the IMF also 

are val ued on this ba sis be gin ning July 1974. 

2 Trea sury val ues its gold stock at $42.2222 per fine troy ounce and pur su ant to 31 United

States Code 5117 (b) is sues gold cer tif i cates to the Fed eral Re serve at the same rate against

all gold held.

3

 In cludes al lo ca tions of SDRs in the Spe cial Draw ing Ac count in the IMF, plus or mi nus trans -

ac tions in SDRs. 

4 In cludes hold ings of Trea sury and Fed eral Re serve Sys tem; be gin ning No vem ber

1978, these are val ued at cur rent mar ket ex change rates or, where ap pro pri ate, at such

other rates as may be agreed upon by the par ties to the trans ac tions. 

5 The United States has the right to pur chase for eign cur ren cies equiv a lent to its re serve 

po si tion in the IMF au to mat i cally if needed. Un der ap pro pri ate con di tions, the United

States could pur chase ad di tional amounts re lated to the U.S. quota.

6 In cludes an SDR $361 mil lion loan to the IMF un der the Gen eral Ar range ments to Bor -

row in July 1998, and an SDR $619 mil lion loan to the IMF un der the New Ar range ments 

to Bor row in De cem ber 1998.

IN TRO DUC TION: In ter na tional Fi nan cial Sta tis tics

The ta bles in this sec tion pro vide sta tis tics on U.S. Gov -

ern ment re serve as sets, li a bil i ties to for eign ers and its in ter na -

tional fi nan cial po si tion. All mon e tary fig ures are in dol lars or

dol lar equiv a lents.

• Ta ble IFS-1 shows re serve as sets of the United States,

in clud ing its gold stock, spe cial draw ing rights held in the

Spe cial Draw ing Ac count in the In ter na tional Mon e tary Fund

(IMF), hold ings of con vert ible for eign cur ren cies and re serve

po si tion in the IMF.

• Ta ble IFS-2 con tains sta tis tics on li a bil i ties to for eign

of fi cial in sti tu tions, and se lected li a bil i ties to all other for eign -

ers, which are used in the U.S. bal ance of pay ments sta tis tics.

• Ta ble IFS-3 shows non mar ket able bonds and notes

that the Trea sury is sues to of fi cial in sti tu tions and other res i -

dents of for eign coun tries.

End of cal en dar

year or month

To tal re serve

as sets 1 Gold stock 2

Spe cial draw ing

rights 1,3 For eign cur ren cies 4

 Re serve po si -

tion in In ter na -

tional Mon e tary

 Fund 1,5,6

(1) (2) (3) (4) (5)
TA BLE IFS-2.—Se lected U.S. Li a bil i ties to For eigners

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Li a bil i ties to for eign coun tries

Of fi cial in sti tu tions 1

Li a bil i ties to

other for eign ers

End of 

cal en dar

year or

month To tal

(1)

To tal

(2)

Li a bil i ties

re ported by

banks in

United

 States

(3)

Mar ket able

U.S.

Trea sury

bonds

and 

notes 2

(4)

Nonmarketable U.S.

Trea sury

bonds

and 

notes 3

(5)

Other

readily

mar ket -

able

liabilities 4

(6)

Li a bil i ties

to

banks 5

(7)

To tal

(8)

Li a bil i ties

re ported

by banks

in the

United

States

(9)

Marketable

U.S.

Trea sury

bonds

and

 notes 2, 6

(10)

Li a bil i ties

to nonmon e tary

in ter na -

tional and

re gional

organizations7

(11)

62 IN TER NA TIONAL FI NAN CIAL STA TIS TICS

1995 ........... 1,832,427 599,692 275,928 298,238 6,492 19,034 799,987 417,953 121,170 296,783 14,795

1996 ........... 2,126,967 727,596 312,019 384,045 5,968 25,564 796,578 586,381 141,322 445,059 16,412

1997 ........... 2,452,208 749,295 283,685 428,004 5,994 31,612 931,575 757,193 172,405 584,788 14,145

1998 ........... 2,556,272 736,407 260,060 432,127 6,074 38,146 985,825 817,793 190,558 627,235 16,247

1999 - Dec. r ..... 2,616,564 783,440 295,024 422,266 6,111 60,039 988,032 824,639 198,061 626,578 20,453

2000 - Jan. r..... 2,625,603 785,504 288,331 429,035 6,152 61,986 985,091 828,068 198,644 629,424 26,940

Feb. r ..... 2,630,158 789,197 287,293 430,812 6,191 64,901 976,190 839,409 205,992 633,417 25,362

Mar. r ..... 2,614,231 805,597 301,051 430,243 5,734 68,569 969,083 815,860 198,966 616,894 23,691

Apr. r ..... 2,633,824 810,613 295,331 436,646 5,770 72,866 973,771 823,852 198,877 624,975 25,588

May r ..... 2,680,087 802,449 284,584 435,241 5,808 76,816 1,022,744 827,287 207,727 619,560 27,607

June r .... 2,663,437 812,225 293,262 433,829 5,740 79,394 1,011,082 813,976 210,601 603,375 26,154

July r...... 2,690,711 822,552 299,720 433,190 5,180 84,462 1,040,026 806,971 208,703 598,268 21,162

Aug. ...... 2,659,860 825,150 296,770 433,639 5,213 89,528 1,006,001 809,602 211,901 597,701 19,107

Sept ...... 2,658,113 824,856 298,508 427,013 5,247 94,088 1,005,616 807,948 212,362 595,586 19,693

Oct ....... 2,718,043 826,216 301,553 419,863 5,280 99,520 1,042,123 828,380 228,867 599,513 21,324

Nov. p .... 2,721,015 825,116 302,692 414,896 5,313 102,215 1,052,015 822,737 231,883 590,854 21,147

Dec. p..... 2,709,346 820,701 296,422 415,964 5,348 102,967 1,060,217 811,959 231,910 580,049 16,469

1 Includes Bank for In ter na tional Set tle ments.

2 Derived by ap ply ing re ported trans ac tions to bench mark data.

3 In cludes cur rent value of zero-coupon Trea sury bond is sues to for eign gov ern ments as fol -

lows: Mex ico, be gin ning March 1988, 20-year ma tu rity is sue and be gin ning March 1990,

30-year ma tu rity is sue; Ven e zuela, be gin ning De cem ber 1990, 30-year ma tu rity is sue; Ar gen -

tina, be gin ning April 1993, 30-year ma tu rity is sue. Also, see foot notes to ta ble IFS-3.

4

 In cludes debt se cu ri ties of U.S. Gov ern ment cor po ra tions, fed er ally spon sored agen cies and 

pri vate cor po ra tions.

5

 In cludes li a bil i ties pay able in dol lars to for eign banks and li a bil i ties pay able in f or eign cur ren -

cies to for eign banks and to “other for eign ers.”

6 In cludes mar ket able U.S. Gov ern ment bonds and notes held by for eign banks. 

7 Prin ci pally the In ter na tional Bank for Re con struc tion and De vel op ment, the Inter-American

De vel op ment Bank and the Asian De vel op ment Bank.

 Note.—Ta ble is based on Trea sury data and on data re ported to the Trea sury by banks,

other de pos i tory in sti tu tions and bro kers in the United States. Data gen er ally cor re spond to

sta tis tics fol low ing in this sec tion and in the “Cap i tal Move ments” sec tion. Ta ble ex cludes In ter -

na tional Mon e tary Fund “hold ings of dol lars” and hold ings of U.S. Trea sury let ters of credit and

non ne go tia ble noninterest-bearing spe cial U.S. notes held by in ter na tional and re gional or ga -

ni za tions.
IN TER NA TIONAL FI NAN CIAL STA TIS TICS 63

TA BLE IFS-3.—Non mar ket able U.S. Trea sury Bonds and Notes Is sued

to Of fi cial In sti tu tions and Other Res i dents of For eign Coun tries

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

 Pay able in dol lars

End of cal en dar Grand to tal To tal Ar gen tina 1 Mex ico 2 Ven e zuela 3

year or month (1) (2) (3) (4) (5)

1995 .......................... 6,492 6,492 945 4,515 1,032

1996 .......................... 5,968 5,968 1,015 3,835 1,118

1997 .......................... 5,994 5,994 1,091 3,692 1,211

1998 .......................... 6,074 6,074 1,172 3,991 911

1999 - Dec ..................... 6,111 6,111 1,259 4,313 539

2000 - Jan...................... 6,152 6,152 1,267 4,342 543

Feb ..................... 6,191 6,191 1,274 4,370 547

Mar ..................... 5,734 5,734 1,282 3,902 550

Apr ...................... 5,770 5,770 1,289 3,927 554

May ..................... 5,808 5,808 1,297 3,953 558

June..................... 5,740 5,740 1,200 3,979 561

July ..................... 5,180 5,180 1,207 3,408 565

Aug ..................... 5,213 5,213 1,214 3,430 569

Sept..................... 5,247 5,247 1,222 3,452 573

Oct. ..................... 5,280 5,280 1,229 3,474 577

Nov ..................... 5,313 5,313 1,236 3,497 580

Dec ..................... 5,348 5,348 1,244 3,520 584

1 Be gin ning April 1993, in cludes cur rent value (prin ci pal and ac crued in ter est) of zero-coupon,

30-year ma tu rity Trea sury bond is sue to the gov ern ment of Ar gen tina. Re maining face value of

the is sue is $6,148 mil lion.

2 In cludes the cur rent value of the fol low ing zero-coupon Trea sury bond is sues to the gov ern -

ment of Mex ico: Be gin ning March 1988, 20-year ma tu rity is sue with re main ing face value of

$1,508 mil lion that was re tired in full in April 1997; and be gin ning March 1990, 30-year ma tu rity

is sue with re main ing face value of $18,112 mil lion.

3 Be gin ning De cem ber 1990, in di cates cur rent value of zero-coupon, 30-year ma tu rity Trea sury

bond is sue to the Re pub lic of Ven e zuela. Re maining face value of is sue is $2,721 mil lion. 
64

IN TRO DUC TION: Cap i tal Move ments

Trea sury col lects in for ma tion about the trans fer ence of fi -

nan cial as sets and other port fo lio cap i tal move ments be tween

the United States and for eign ers and has since 1935. Com mer -

cial banks and other de pos i tory in sti tu tions, bank hold ing compa nies, se cu ri ties bro kers and deal ers, and nonbanking

en ter prises in the United States file cap i tal move ment re ports

with dis trict FRBs. Be gin ning in late 1998, the Fed eral Re -

serve Board also per forms ser vices on be half of the Trea sury in

sup port of this data col lec tion sys tem.

Forms and in struc tions are de vel oped with the co op er a tion

of other Gov ern ment agen cies and the Fed eral Re serve Sys tem

and in con sul ta tion with rep re sen ta tives of banks, se cu ri ties

firms and nonbanking en ter prises. Copies of the re port ing

forms and in struc tions may be ob tained from the Of fice of Pro -

gram Ser vices, Of fice of the As sis tant Sec re tary for In ter na -

tional Af fairs, Trea sury, Wash ing ton, D.C. 20220; the

In ter na tional Fi nance Di vi sion, Board of Gov er nors of the

Fed eral Re serve Sys tem, Wash ing ton, D.C. 20551; or dis trict

FRBs.

In gen eral, in for ma tion is re ported op po site the coun try or

geo graph ical area where the for eigner is lo cated, as shown on

re cords of re port ing in sti tu tions. How ever, in for ma tion may

not al ways re flect the ul ti mate own er ship of as sets. Re porting

in sti tu tions are not re quired to go be yond ad dresses shown on

their re cords and so may not be aware of the ac tual coun try of

do mi cile of the ul ti mate ben e fi ciary.

Trans ac tions with branches or agen cies of for eign of fi cial

in sti tu tions, wher ever lo cated, are re ported op po site the coun -

try that has sov er eignty over the in sti tu tions. Trans ac tions with

in ter na tional and re gional or ga ni za tions are not re ported op po -

site any coun try, but are ac counted for in re gional group ings of

such or ga ni za tions. The only ex cep tion is in for ma tion per tain -

ing to the Bank for In ter na tional Set tle ments, which is re ported 

op po site “Other Eu rope.”

Banks and other de pos i tory in sti tu tions, bank hold ing com -

pa nies, In ter na tional Banking Fa cil ities (IBFs), se cu ri ties bro -

kers and deal ers, and nonbanking en ter prises in the United

States must file re ports. These en ter prises in clude the

branches, agen cies, sub sid iar ies and other af fil i ates in the

United States of for eign bank ing and nonbanking firms. Those

with li a bil i ties, claims or se cu ri ties trans ac tions be low spec i -

fied ex emp tion lev els are ex empt from re port ing.

Banks and other de pos i tory in sti tu tions, and some bro kers

and deal ers, file monthly re ports cov er ing their dol lar li a bil i -

ties to, and dol lar claims on, for eign ers in a num ber of coun -

tries. Twice a year, June 30 and De cem ber 31, they also re port

the same li a bil i ties and claims items at trib uted to for eign ers in

coun tries not shown sep a rately on the monthly re ports. Quar -

terly re ports are filed for li a bil i ties and claims de nom i nated in

for eign cur ren cies. The ex emp tion level ap pli ca ble to these

bank ing re ports is $15 mil lion.

Banks and other de pos i tory in sti tu tions, se cu ri ties bro kers

and deal ers, and other en ter prises re port monthly their trans ac -

tions with for eign ers in long-term se cu ri ties. They must re port

se cu ri ties trans ac tions with for eign ers if their ag gre gate pur -

chases or their ag gre gate sales amount to at least $2 mil lion

dur ing the cov ered month.

Ex porters, im port ers, in dus trial and com mer cial con cerns,

fi nan cial in sti tu tions (other than banks, other de pos i tory in sti -

tu tions and bro kers), and other nonbanking en ter prises must

file re ports quar terly if li a bil i ties to, or claims on, un af fil i ated

for eign ers amount to $10 mil lion or more at the end of the cov -

ered quar ter.

Nonbanking en ter prises also re port each month their ag gre -

gate U.S. dol lar de nom i nated de posit and cer tif i cates of de -

posit claims of $10 mil lion or more on banks abroad.

The data in these ta bles do not cover all types of re ported

cap i tal move ments be tween the United States and other coun -

tries. The prin ci pal ex clu sions are the intercompany cap i tal

trans ac tions of nonbanking busi ness en ter prises in the United

States with their own branches and sub sid iar ies abroad or with

their for eign par ent com pa nies (own for eign of fices) and cap i -

tal trans ac tions of the U.S. Gov ern ment. Con sol i dated data on

all types of in ter na tional cap i tal trans ac tions are pub lished by

the De part ment of Com merce (Com merce) in its reg u lar re -

ports on the U.S. bal ance of pay ments.

• Sec tion I pres ents li a bil i ties to for eign ers re ported by

U.S. banks and other de pos i tory in sti tu tions, as well as bro kers

and deal ers. Dol lar li a bil i ties are re ported monthly; those de -

nom i nated in for eign cur ren cies are re ported quar terly. Re -

spon dents re port cer tain of their own li a bil i ties and a wide

range of their cus tody li a bil i ties to for eign ers.

• Sec tion II pres ents claims on for eign ers re ported by

U.S. banks and other de pos i tory in sti tu tions, bro kers and deal -

ers. Data on banks’ claims held for their own ac count are col -

lected monthly. In for ma tion on claims held for their do mes tic

cus tom ers as well as on for eign cur rency claims is col lected on

a quar terly ba sis only. Ma tu rity data are re ported ac cord ing to

time re main ing to ma tu rity. Re porting also cov ers cer tain

items held by bro kers and deal ers in the United States.

• Sec tion III con tains sup ple men tary data on dol lar li a -

bil i ties to, and dol lar claims on, coun tries not listed sep a rately

on the monthly re ports sub mit ted by banks, other de pos i tory

in sti tu tions, bro kers and deal ers in the United States. The sup -

ple men tary re ports are filed semi an nu ally as of the end of June

and De cem ber. 

• Sec tion IV shows the li a bil i ties to, and claims on, un af -

fil i ated for eign ers of ex port ers, im port ers, in dus trial and com -

mer cial con cerns, fi nan cial in sti tu tions (other than banks,

other de pos i tory in sti tu tions and bro kers), and other

nonbanking en ter prises in the United States. In for ma tion does

not in clude ac counts of nonbanking en ter prises in the United

States with their own branches and sub sid iar ies abroad or with

their for eign par ent com pa nies. These are re ported by busi ness

en ter prises to Com merce on its di rect in vest ment forms. Data
CAP I TAL MOVE MENTS 65

SEC TION I.—Li a bil i ties to For eigners Re ported by Banks

in the United States

TA BLE CM-I-1.—To tal Li a bil i ties by Type of Holder

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

 1 In cludes Bank for In ter na tional Set tle ments.

 2 Prin ci pally the In ter na tional Bank for Re con struc tion and De vel op ment and the InterAmeri can De vel op ment Bank.

3 Data as of pre ced ing quar ter for non-quarter-end months.

ex clude claims on for eign ers held through banks in the United

States.

• Sec tion V con tains in for ma tion on trans ac tions with

for eign ers in long-term do mes tic and for eign se cu ri ties as re -

ported by banks, bro kers and other en ti ties in the United

States. The data cover trans ac tions ex e cuted in the United

States for the ac counts of for eign ers and trans ac tions ex e cuted

abroad for the ac counts of re port ing in sti tu tions and their do -

mes tic cus tom ers. This in cludes trans ac tions in newly is sued

se cu ri ties as well as trans ac tions in and re demp tions of out -

stand ing is sues. How ever, the data do not in clude non mar ket -

able Trea sury bonds and notes shown in ta ble IFS-3.

The geo graph ical break down of the trans ac tions data does

not nec es sar ily re flect the do mi cile of the ul ti mate own ers or

the orig i nal is su ers of the se cu ri ties. This is be cause the path of

a se cu rity is not tracked prior to its be ing pur chased from, or

af ter it is sold to, a for eigner in a re port able trans ac tion. That is, 

be fore it en ters and af ter it de parts the re port ing sys tem, own -

er ship of a se cu rity may be trans ferred be tween for eign ers of

dif fer ent coun tries. Such trans fers may oc cur any num ber of

times and are con cealed among the net fig ures for U.S. trans -

ac tions op po site in di vid ual coun tries. Hence, the geo graph ical 

break down shows only the coun try of do mi cile of the for eign

buy ers and sell ers of se cu ri ties in a par tic u lar round of trans ac -

tions.

NOTE: Cur rent and his tor i cal data on United States trans -

ac tions with for eign ers in long-term se cu ri ties and on the gross 

for eign li a bil i ties and claims re ported by banks in the United

States are avail able on the Trea sury In ter na tional Cap i tal (TIC)

reporting sys tem website: http://www.ustreas.gov/tic. These

data may be down loaded as sep a rate time se ries for each country or geo graph ical area reg u larly shown in the cap i tal move -

ments ta bles. Also avail able on this website is a ta ble on

“Ma jor For eign Holders of Trea sury Se cu ri ties,” show ing es timated to tal hold ings of U.S. Trea sury bills, bonds and notes

for cur rent and re cent pe ri ods. All data se ries on the TIC

website are up dated on the last busi ness day of each month . 

End of cal en dar 

year or month

For eign coun tries Mem o ran da

Of fi cial in sti tu tions 1 Banks and other for eign ers In ter na tional and re gional 2

To tal li a bil i ties to all

for eign ers re ported by

IBFs

 Total li a bil i -

ties To tal

Pay able in

dol lars

Pay able in

for eign cur -

ren cies 3 To tal

Pay able

in dol lars

Pay able in

for eign cur -

ren cies 3 To tal

Pay able in 

dol lars

Pay able in

for eign cur -

ren cies 3

Pay able

in dol lars

Pay able in

for eign cur -

ren cies 3

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

1995 ............... 1,209,262 275,928 275,928 - 921,157 812,582 108,575 12,177 11,039 1,138 369,660 85,755

1996 ............... 1,265,555 312,019 312,019 - 937,900 836,157 101,743 15,636 13,972 1,664 352,881 71,782

1997 ............... 1,400,551 283,685 283,685 - 1,103,980 987,652 116,328 12,886 11,690 1,196 407,336 86,232

1998 ............... 1,448,962 260,060 260,060 - 1,176,383 1,075,894 100,489 12,519 11,883 636 370,425 69,375

1999 - Dec. r ........ 1,497,277 295,024 295,024 - 1,186,093 1,098,440 87,653 16,160 15,276 884 363,821 51,613

2000 - Jan. r ......... 1,494,757 288,331 288,331 - 1,183,735 1,096,082 87,653 22,691 21,807 884 362,930 51,613

Feb. r ......... 1,490,795 287,293 287,293 - 1,182,182 1,094,529 87,653 21,320 20,436 884 335,390 51,613

Mar. r ......... 1,488,528 301,051 301,051 - 1,168,049 1,083,099 84,950 19,428 18,729 699 353,014 51,763

Apr. r ......... 1,489,268 295,331 295,331 - 1,172,648 1,087,698 84,950 21,289 20,590 699 354,114 51,763

May r ......... 1,538,561 284,584 284,584 - 1,230,471 1,145,521 84,950 23,506 22,807 699 355,356 51,763

June r ........ 1,537,333 293,262 293,262 - 1,221,683 1,136,863 84,820 22,388 21,366 1,022 362,146 50,847

July r ......... 1,566,160 299,720 299,720 - 1,248,729 1,163,909 84,820 17,711 16,689 1,022 372,757 50,847

Aug........... 1,530,324 296,770 296,770 - 1,217,902 1,133,082 84,820 15,652 14,630 1,022 376,475 50,847

Sept.. ......... 1,532,499 298,508 298,508 - 1,217,978 1,139,461 78,517 16,013 15,658 355 392,888 46,962

Oct ........... 1,590,002 301,553 301,553 - 1,270,990 1,192,473 78,517 17,459 17,104 355 409,185 46,962

Nov. p ........ 1,604,019 302,692 302,692 - 1,283,898 1,205,381 78,517 17,429 17,074 355 395,292 46,962

Dec. p ........ 1,601,185 296,422 296,422 - 1,292,127 1,213,610 78,517 12,636 12,281 355 384,410 46,962
66 CAP I TAL MOVE MENTS

PART B.—Nonmonetary In ter na tional and Re gional Or ga ni za tions

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

1 In cludes Bank for In ter na tional Set tle ments. 

2 Time de pos its ex clude ne go tia ble time cer tif i cates of de posit, which are in cluded in “Other li a -

bil i ties.” 

 Note.—Nonmonetary in ter na tional and re gional or ga ni za tions in clude prin ci pally the In ter na -

tional Bank for Re con struc tion and De vel op ment and the Inter-American De vel op ment Bank. 

TA BLE CM-I-2.—To tal Li a bil i ties by Type, Pay able in Dol lars

Part A.—For eign Coun tries

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

End of cal en dar

year or month

 To tal for -

eign coun -

tries

Of fi cial in sti tu tions 1Banks Other for eign ers

De posits 

U.S. Trea -

sury bills

and cer tif i -

cates 

 Other li a -

bil i ties 2

De posits

U.S. Trea -

sury bills

and cer tif i -

cates 

Other li a -

bil i ties 2

To own

for eign of -

fices

De posits 

U.S. Trea -

sury bills

and cer tif i -

cates 

Other li a -

bil i ties 2 De mand Time 2 De mand Time 2 De mand Time 2

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

 To tal De mand de pos its Time de pos its 2

U.S. Trea sury bills

 and cer tif i cates Other li a bil i ties 2 

End of cal en dar year or month (1) (2) (3) (4) (5) 

1995 .......... 1,088,510 2,098 30,717 168,534 74,579 11,758 103,471 15,872 164,021 396,290 10,571 53,714 12,599 44,286

1996 .......... 1,148,176 1,511 33,336 198,921 78,251 13,692 89,765 23,106 166,728 401,544 11,802 58,025 14,495 57,000

1997 .......... 1,271,337 2,314 41,396 148,301 91,674 16,767 83,433 31,915 198,053 485,079 12,247 68,251 12,954 78,953

1998 .......... 1,335,954 3,003 29,506 134,177 93,374 14,071 45,904 35,359 227,134 562,868 12,312 70,558 13,322 94,366

1999 - Dec. r .... 1,393,464 3,341 28,942 156,177 106,564 17,583 48,140 16,796 208,681 609,179 21,862 76,189 12,023 87,987

2000 - Jan. r .... 1,384,413 2,645 25,909 153,548 106,229 12,964 51,171 17,401 204,720 611,182 20,707 75,421 10,134 92,382

Feb. r.... 1,381,822 3,306 27,690 156,995 99,302 12,424 51,510 14,578 204,167 605,858 23,733 77,206 12,269 92,784

Mar. r.... 1,384,150 2,381 30,117 164,781 103,772 13,930 49,712 15,524 199,106 605,861 12,873 77,431 13,803 94,859

Apr. r .... 1,383,029 2,620 36,587 157,607 98,517 14,404 57,240 13,853 202,818 600,506 13,120 77,492 12,027 96,238

May r ... 1,430,105 2,781 31,846 148,814 101,143 13,254 55,167 13,994 201,392 653,987 13,026 78,722 10,776 105,203

June r ... 1,430,125 2,887 33,696 157,190 99,489 14,543 58,095 13,081 209,754 630,789 13,255 78,627 10,119 108,600

July r .... 1,463,629 4,063 34,641 160,093 100,923 17,508 60,703 12,657 207,734 656,604 13,313 80,834 9,578 104,978

Aug ..... 1,429,852 4,573 32,009 159,781 100,407 11,959 62,841 12,251 209,602 624,528 13,543 80,908 8,676 108,774

Sept. .... 1,437,969 5,213 36,679 155,498 101,118 12,918 59,958 10,667 207,678 635,878 13,814 80,558 8,216 109,774

Oct...... 1,494,026 4,361 34,035 155,101 108,056 12,160 64,301 9,972 212,228 664,945 12,931 81,198 8,696 126,042

Nov. p ... 1,508,073 4,702 35,335 155,061 107,594 12,834 68,828 10,285 219,221 662,330 14,135 81,731 8,301 127,716

Dec. p ... 1,510,032 3,950 35,638 151,872 104,962 15,535 67,484 15,974 232,214 650,493 14,048 82,371 8,561 126,930

1995 .......................... 11,039 21 4,656 350 6,012

1996 .......................... 13,972 29 5,784 352 7,807

1997 .......................... 11,690 16 5,466 69 6,139

1998 .......................... 11,883 172 5,793 636 5,282

1999 - Dec...................... 15,276 98 10,349 680 4,149

2000 - Jan...................... 21,807 202 9,621 625 11,359

Feb. ..................... 20,436 148 9,251 704 10,333

Mar ..................... 18,729 71 9,741 695 8,222

Apr ...................... 20,590 58 11,338 623 8,571

May ..................... 22,807 36 11,393 582 10,796

June .................... 21,366 34 12,545 432 8,355

July...................... 16,689 30 10,305 371 5,983

Aug...................... 14,630 26 9,062 217 5,325

Sept...................... 15,658 19 7,627 223 7,789

Oct...................... 17,104 48 5,925 215 10,916

Nov. p .................... 17,074 30 6,549 249 10,246

Dec. p .................... 12,280 41 6,271 252 5,716
CAP I TAL MOVE MENTS 67

TA BLE CM-I-3.—To tal Li a bil i ties by Coun try

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria .................... 3,388 3,474 2,960 2,925 2,733 2,229 2,863 2,916

Belgium-Luxembourg ........ 46,246 45,004 46,078 32,272 30,765 30,585 33,326 34,338

Bulgaria ................... 729 776 472 373 337 354 313 367

Czech Republic............. 564 323 790 835 730 784 671 578

Denmark .................. 1,903 1,720 2,357 3,844 3,556 3,128 3,658 3,128

Finland.................... 2,869 2,098 1,749 1,628 1,516 1,422 1,878 1,416

France .................... 52,148 49,839 58,317 46,647 42,805 44,848 46,646 40,951

Germany .................. 30,589 30,898 29,004 32,002 30,005 32,426 30,877 39,328

Greece.................... 1,558 2,085 3,877 3,467 3,336 3,450 3,349 2,018

Hungary................... 1,064 911 871 1,018 1,052 1,203 1,189 1,127

Ireland .................... 4,376 8,485 7,691 8,618 7,884 9,869 9,475 7,962

Italy ...................... 15,498 10,103 9,756 7,709 7,817 7,452 7,379 6,937

Netherlands................ 8,359 12,163 9,365 13,688 10,854 14,993 13,826 8,028

Norway ................... 341 788 1,363 1,641 3,547 4,148 5,205 2,351

Poland .................... 5,112 6,053 4,274 2,965 2,837 3,367 3,738 3,590

Portugal................... 3,736 3,788 2,501 2,276 2,369 2,387 2,504 2,529

Romania .................. 734 311 768 1,061 944 940 802 850

Russia 1.................... 7,979 2,441 5,476 14,258 15,975 17,265 20,027 19,025

Spain ..................... 19,878 16,991 11,091 9,282 8,823 9,672 7,302 8,203

Sweden ................... 2,834 3,237 4,744 6,139 6,352 6,390 7,505 6,641

Switzerland................ 46,065 53,891 64,092 79,766 90,173 99,048 88,051 76,629

Turkey .................... 4,068 4,358 7,972 8,021 8,187 8,506 4,539 7,573

United Kingdom ............. 212,790 202,280 190,706 192,777 193,561 192,090 191,204 191,103

Yugoslavia 2 ................ 239 233 286 285 280 275 284 281

Other Europe............... 14,394 14,384 14,778 17,821 18,566 19,546 18,006 16,670

Total Europe .............. 487,461 476,634 481,338 491,318 495,004 516,377 504,617 484,539

Canada..................... 33,185 34,708 40,579 40,845 39,734 40,232 37,117 36,924

Latin Amer ica and Ca rib bean:

Argentina.................. 20,279 19,037 18,650 17,624 18,634 18,820 17,960 19,568

Bahamas .................. 114,319 126,029 139,425 177,969 173,134 182,633 181,252 191,136

Bermuda .................. 7,138 7,279 8,005 8,220 8,380 9,010 8,684 9,975

Brazil ..................... 31,407 16,483 12,944 13,164 11,892 10,559 12,018 11,307

British West Indies........... 283,470 309,090 331,546 338,224 347,042 356,871 384,120 390,042

Chile ..................... 4,126 5,047 7,095 5,340 5,399 5,158 5,380 5,948

Colombia .................. 3,668 4,639 5,685 4,751 4,679 4,966 4,581 4,577

Cuba ..................... 66 62 75 91 88 92 86 88

Ecuador................... 2,084 1,575 1,959 2,089 2,079 2,089 2,064 2,123

Guatemala................. 1,497 1,338 1,632 1,680 1,689 1,685 1,696 1,655

Jamaica................... 475 604 547 984 871 721 763 856

Mexico .................... 35,295 38,644 32,263 34,482 34,747 36,923 34,725 34,024

Netherlands Antilles ......... 5,446 5,308 4,205 6,379 5,167 4,622 5,326 5,528

Panama................... 4,269 3,869 4,420 3,632 3,725 3,852 4,044 4,356

Peru...................... 901 843 1,143 1,066 1,091 1,153 1,194 1,435

Trinidad and Tobago......... 597 475 601 675 773 808 750 909

Uruguay................... 2,403 2,522 2,393 2,568 2,684 2,629 3,061 3,123

Venezuela ................. 21,771 20,202 20,459 24,169 24,216 24,503 26,177 24,978

Other Latin America 

 and Caribbean............ 9,067 9,808 10,916 11,293 11,119 10,926 10,303 10,549

Total Latin America 

and Caribbean ........... 548,278 572,854 603,963 654,400 657,409 678,020 704,184 722,177

 Cal en dar year 2000 

Coun try 1997 1998 1999 r Aug. r Sept. Oct. Nov. Dec. p
68 CAP I TAL MOVE MENTS

TA BLE CM-I-3.—To tal Li a bil i ties by Coun try, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

 Cal en dar year 2000

Coun try 1997 1998 1999 r Aug. r Sept. Oct. Nov. Dec. p

Asia:

China:

Mainland ................. 18,252 13,441 12,325 11,771 11,830 13,719 15,835 16,538

Taiwan................... 11,859 12,748 13,644 14,704 15,170 18,319 17,660 17,719

Hong Kong ................. 19,216 21,779 28,260 27,541 26,877 26,078 26,218 27,062

India...................... 4,574 5,372 7,368 5,547 5,839 5,549 5,174 4,533

Indonesia .................. 3,616 8,326 6,571 7,318 7,321 7,600 8,386 8,535

Israel ..................... 6,282 7,756 7,489 6,085 7,168 6,704 6,574 8,091

Japan ..................... 172,352 193,202 170,614 158,709 155,624 163,038 162,521 163,276

Korea ..................... 13,107 12,525 12,991 8,979 9,192 6,833 6,838 8,116

Lebanon................... 1,102 1,190 1,212 1,058 731 836 760 703

Malaysia................... 1,737 2,392 3,851 2,108 1,702 1,736 1,760 2,341

Pakistan................... 1,335 847 813 1,335 1,213 1,399 1,547 1,003

Philippines ................. 3,255 3,564 3,806 2,086 1,826 1,680 2,338 2,434

Singapore.................. 18,412 24,838 32,840 28,624 26,801 28,472 28,942 29,092

Syria...................... 35 40 55 67 70 254 58 55

Thailand................... 6,505 7,363 6,052 3,560 3,347 3,195 3,494 3,146

Oil-exporting countries 3 ....... 15,490 17,068 22,565 22,792 23,792 25,793 25,670 25,609

Other Asia ................. 3,873 3,975 5,387 5,213 5,317 5,211 5,072 5,321

Total Asia ................ 301,002 336,426 335,843 307,497 303,820 316,416 318,847 323,574

Af rica:

Congo 4................... 10 5 14 7 5 4 4 4

Egypt ..................... 1,667 1,343 2,023 1,615 1,544 1,546 1,655 1,572

Ghana .................... 302 213 147 144 145 144 147 187

Liberia .................... 257 269 423 306 332 308 306 321

Morocco................... 138 97 179 109 112 121 100 139

South Africa ................ 2,163 1,539 1,497 710 845 770 856 1,014

Oil-exporting countries 5 ....... 3,143 3,177 3,010 4,562 4,587 4,493 4,115 4,140

Other Africa ................ 2,766 2,492 2,280 2,262 2,348 2,374 2,445 2,524

Total Africa ............... 10,446 9,135 9,573 9,715 9,918 9,760 9,628 9,901

Other coun tries:

Australia ................... 6,377 5,528 8,408 9,890 9,566 10,621 11,020 10,149

All other ................... 916 1,158 1,413 1,007 1,035 1,117 1,177 1,285

Total other countries ........ 7,293 6,686 9,821 10,897 10,601 11,738 12,197 11,434

Total foreign countries ..... 1,387,665 1,436,443 1,481,117 1,514,672 1,516,486 1,572,543 1,586,590 1,588,549

I nternational and re gional orgs.:

International................ 11,592 10,648 13,758 13,681 14,725 16,464 16,399 11,346

European regional ........... 111 577 504 440 125 52 176 301

Latin American regional....... 493 750 1,150 1,243 888 589 530 740

Asian regional .............. 562 477 607 211 259 231 232 175

African regional ............. 123 67 141 77 16 123 92 74

Middle Eastern regional....... 5 - - - - - - -

Total international 

and regional ............. 12,886 12,519 16,160 15,652 16,013 17,459 17,429 12,636

Grand total .............. 1,400,551 1,448,962 1,497,277 1,530,324 1,532,499 1,590,002 1,604,019 1,601,185

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for mer

U.S.S.R. are re ported un der “Other Eu rope.”

2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994 

for the For mer Yu go slav Re pub lic of Mac e do nia.

3 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab Emirates

(Trucial States). 

4 For merly known as Zaire.

5 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.
CAP I TAL MOVE MENTS 69

 To tal li a bil i ties

Li a bil i ties pay able in dol lars 

 To tals

To for eign of fi cial in sti tu tions and un af -

fil i ated for eign banks

Li a bil i ties 

to banks’

own for -

eign of -

fices

To all other for eign ers

Mem o -

ran dum 

To tal

Pay able

in dol lars

Pay able

in for eign 

cur ren -

cies 1

De posits 

Shortterm U.S. 

Trea sury

ob li ga -

tions 3

Other li a -

bil i ties

De posits 

Short-term

U.S. Trea -

sury ob li ga -

tions 3

Other li a -

bil i ties

Ne go tia -

ble CDs

held for

all for -

eign ers 

Banks’

own li a -

bil i ties

Cus tody

li a bil i ties De mand Time 2 De mand Time 2

Coun try (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

TA BLE CM-I-4.—To tal Li a bil i ties by Type and Coun try, Dec. 31, 2000, Pre lim i nary

[Po si tion in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys t em]

Eu rope:

Austria ............. 2,916 2,724 192 1,958 766 364 564 331 1,159 35 14 177 38 42 104

BelgiumLuxembourg ....... 34,338 33,401 937 12,077 21,324 363 671 9,146 12,198 5,250 281 1,255 410 3,827 482

Bulgaria ............ 367 367 - 134 233 25 16 233 87 1 2 3 - - -

Czech Republic ...... 578 571 7 254 317 17 56 310 91 8 7 82 - - -

Denmark ........... 3,128 3,001 127 2,879 122 34 - 90 2,813 - 20 12 10 22 2

Finland............. 1,416 1,412 4 643 769 45 20 174 648 413 15 16 - 81 425

France ............. 40,951 37,839 3,112 17,738 20,101 471 1,270 16,525 4,596 11,679 152 406 18 2,722 722

Germany ........... 39,328 35,535 3,793 22,091 13,444 1,540 3,972 776 9,968 6,734 281 685 31 11,548 12,283

Greece............. 2,018 2,013 5 1,013 1,000 182 196 839 195 66 64 308 9 154 46

Hungary............ 1,127 1,123 4 146 977 21 - 467 589 27 5 14 - - -

Ireland ............. 7,962 7,900 62 2,276 5,624 36 175 4 2,920 106 213 299 294 3,853 1,088

Italy ............... 6,937 5,079 1,858 4,182 897 457 587 145 1,713 947 151 443 20 616 217

Netherlands ......... 8,028 7,485 543 6,171 1,314 309 1,390 224 1,434 2,550 134 513 178 753 51

Norway............. 2,351 2,305 46 2,276 29 120 98 14 1,947 77 16 24 1 8 -

Poland ............. 3,590 3,579 11 1,410 2,169 26 278 1,030 1,784 429 4 16 2 10 -

Portugal............ 2,529 2,404 125 670 1,734 102 23 1,577 257 225 22 146 4 48 5

Romania............ 850 847 3 247 600 12 5 120 690 8 3 9 - - -

Russia 4............. 19,025 19,020 5 2,561 16,459 270 183 6,650 11,614 211 17 69 - 6 6

Spain .............. 8,203 7,801 402 4,703 3,098 175 444 343 4,071 1,010 107 873 11 767 364

Sweden ............ 6,641 6,498 143 4,996 1,502 171 25 113 215 3,931 26 78 214 1,725 915

Switzerland ......... 76,629 74,732 1,897 68,021 6,711 498 1,676 2,955 5,648 61,875 158 562 1,019 341 696

Turkey ............. 7,573 7,559 14 4,837 2,722 160 490 2,620 3,954 188 15 117 8 7 62

United Kingdom...... 191,103 169,409 21,694 157,349 12,060 2,855 17,730 421 16,454 110,330 1,252 1,990 975 17,402 2,864

Yugoslavia

5

......... 281 276 5 276 - 9 8 - 177 - - 14 - 68 -

Other Europe........ 16,670 16,250 420 13,091 3,159 211 6,238 1,983 7,410 110 30 198 9 61 839

Total Europe....... 484,539 449,130 35,409 331,999 117,131 8,473 36,115 47,090 92,632 206,210 2,989 8,309 3,251 44,061 21,171

Canada.............. 36,924 31,059 5,865 19,538 11,521 310 1,067 627 5,116 10,113 925 1,554 101 11,246 176

Latin Amer ica 

and Ca rib bean:

Argentina........... 19,568 19,494 74 17,201 2,293 190 8,573 291 1,895 271 696 5,701 273 1,604 651

Bahamas ........... 191,136 189,454 1,682 175,430 14,024 139 1,034 84 12,382 166,379 485 2,117 535 6,299 912

Bermuda ........... 9,975 9,695 280 5,291 4,404 88 487 261 2,670 7 98 1,224 303 4,557 161

Brazil .............. 11,307 10,952 355 10,076 876 359 1,855 200 2,426 718 562 4,343 97 392 186

British West Indies.... 390,042 374,097 15,945 227,762 146,335 63 5,148 60 134,578 190,993 488 6,434 2,148 34,185 3,606

Chile............... 5,948 5,895 53 5,311 584 228 518 55 771 1,204 281 2,202 127 509 172

Colombia ........... 4,577 4,556 21 4,077 479 42 317 - 661 57 389 2,727 91 272 325

Cuba .............. 88 88 - 88 - 2 8 - 9 - 2 53 - 14 -

Ecuador............ 2,123 2,118 5 2,012 106 18 55 - 114 149 253 1,407 8 114 55

Guatemala.......... 1,655 1,637 18 1,551 86 55 264 - 174 16 130 948 2 48 24

Jamaica............ 856 815 41 809 6 28 283 3 310 20 21 139 1 10 1

Mexico ............. 34,024 33,155 869 26,765 6,390 835 4,152 1,963 6,555 2,381 1,324 13,023 492 2,430 892

Netherlands Antilles ... 5,528 5,520 8 5,212 308 161 66 1 466 616 60 664 80 3,406 17

Panama............ 4,356 4,292 64 3,575 717 53 251 - 237 849 175 2,049 196 482 129

Peru............... 1,435 1,435 - 1,384 51 21 68 - 145 68 122 902 2 107 15

Trinidad and Tobago . . 909 905 4 857 48 41 384 - 255 18 38 120 28 21 5

Uruguay............ 3,123 3,006 117 2,515 491 87 77 291 744 803 55 734 44 171 78

Venezuela .......... 24,978 24,759 219 18,033 6,726 138 3,797 6,291 2,244 514 1,254 10,038 60 423 108

Other Latin America 

and Caribbean...... 10,549 10,494 55 9,358 1,136 286 2,232 280 1,943 502 656 4,032 61 502 147

Total Latin America 

and Caribbean .... 722,177 702,367 19,810 517,307 185,060 2,834 29,569 9,780 168,579 365,565 7,089 58,857 4,548 55,546 7,484

See foot notes at end of ta ble.
70 CAP I TAL MOVE MENTS

TA BLE CM-I-4.—To tal Li a bil i ties by Type and Coun try, Dec. 31, 2000, Pre lim i nary, con.

[Po si tion in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys t em]

 To tal li a bil i ties

Li a bil i ties pay able in dol lars

 To tals

To for eign of fi cial in sti tu tions and un af -

fil i ated for eign banks

Li a bil i ties 

to banks’

own for -

eign of -

fices

To all other for eign ers

Mem o -

ran dum 

To tal

Pay able

in dol lars

Pay able

in for eign 

cur ren -

cies 1

De posits 

Shortterm U.S. 

Trea sury

ob li ga -

tions 3

Other li a -

bil i ties

De posits 

Short-term

U.S. Trea -

sury ob li ga -

tions 3

Other li a -

bil i ties

Ne go tia -

ble CDs

held for

all for -

eign ers 

Banks’

own li a -

bil i ties

Cus tody

li a bil i ties De mand Time 2 De mand Time 2

Coun try (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

1 These data as of June 30, 2000. 

2 Ex cludes ne go tia ble time cer tif i cates of de posit, which are in cluded in “Other li a bil i ties.” 

3 U.S. Trea sury bills and cer tif i cates held in cus tody for the ac count of oil-exporting coun tries in

“Other Asia” and “Other Af rica” amount to $1,393 mil lion. 

4 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for mer

U.S.S.R. are re ported un der “Other Eu rope.”

5 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994 

for the For mer Yu go slav Re pub lic of Mac e do nia.

6 For merly known as Zaire.

Asia:

China:

Mainland ........ 16,538 16,538 - 5,301 11,237 514 1,412 900 12,690 355 54 376 27 210 47

Taiwan.......... 17,719 17,689 30 14,366 3,323 366 2,362 2,614 8,414 580 375 2,644 23 311 148

Hong Kong ........ 27,062 26,768 294 18,041 8,727 481 2,230 624 11,186 8,568 348 2,729 96 506 34

India ............. 4,533 4,532 1 2,443 2,089 211 163 1,408 1,339 1,142 75 168 - 26 10

Indonesia......... 8,535 8,524 11 1,935 6,589 195 177 6,572 808 322 85 358 - 7 9

Israel ............ 8,091 8,055 36 3,696 4,359 113 123 4,074 770 394 90 2,214 6 271 35

Japan ............ 163,276 150,434 12,842 50,008 100,426 1,057 18,765 85,411 6,892 23,942 692 1,335 241 12,099 2,455

Korea ............ 8,116 7,967 149 4,704 3,263 399 108 1,441 2,445 3,134 33 193 - 214 39

Lebanon.......... 703 681 22 672 9 31 56 - 488 7 5 85 4 5 5

Malaysia.......... 2,341 2,286 55 1,678 608 185 103 543 758 357 33 300 - 7 2

Pakistan.......... 1,003 989 14 857 132 39 67 63 475 241 20 77 - 7 8

Philippines ........ 2,434 2,430 4 2,053 377 959 71 54 719 81 67 416 14 49 17

Singapore......... 29,092 27,243 1,849 24,459 2,784 374 6,569 428 3,261 15,376 102 464 11 658 217

Syria............. 55 55 - 54 1 25 1 - 5 - 3 20 - 1 1

Thailand.......... 3,146 3,129 17 1,273 1,856 104 67 1,623 413 498 27 199 137 61 4

Other Asia ........ 30,930 28,985 1,945 23,248 5,737 1,173 2,217 2,744 9,613 11,332 210 1,203 46 447 761

Total Asia ....... 323,574 306,305 17,269 154,788 151,517 6,226 34,491 108,499 60,276 66,329 2,219 12,781 605 14,879 3,792

Af rica:

Congo 6 .......... 4 4 - 4 - - - - - 1 1 2 - - -

Egypt ............ 1,572 1,572 - 1,129 443 144 302 266 541 214 11 55 1 38 44

Ghana ........... 187 187 - 183 4 15 22 - 105 20 5 14 - 6 -

Liberia ........... 321 321 - 210 111 1 - - 2 - 11 196 12 99 13

Morocco.......... 139 139 - 136 3 40 - - 53 8 4 33 - 1 1

South Africa ....... 1,014 1,011 3 953 58 179 2 - 428 29 108 87 8 170 7

Other Africa ....... 6,664 6,570 94 4,981 1,589 918 1,033 1,455 1,917 551 278 182 14 222 10

Total Africa ...... 9,901 9,804 97 7,596 2,208 1,297 1,359 1,721 3,046 823 418 569 35 536 75

Other coun tries:

Australia.......... 10,149 10,090 59 4,450 5,640 303 502 113 6,814 1,285 323 92 10 648 1,257

All other .......... 1,285 1,277 8 1,244 33 42 19 16 713 168 85 209 11 14 1

Total other 

countries....... 11,434 11,367 67 5,694 5,673 345 521 129 7,527 1,453 408 301 21 662 1,258

Total foreign 

countries ..... 1,588,549 1,510,032 78,517 1,036,922 473,110 19,485 103,122 167,846 337,176 650,493 14,048 82,371 8,561 126,930 33,956

In ter na tional 

and re gional orgs.:

International ....... 11,346 11,008 338 10,794 214 34 5,544 113 5,316 - - - - 1 100

European regional . . 301 284 17 128 156 2 118 139 25 - - - - - -

Latin American 

regional ......... 740 740 - 707 33 3 575 - 162 - - - - - 31

Asian regional ..... 175 175 - 175 - 1 34 - 140 - - - - - -

African regional .... 74 74 - 74 - 1 - - 73 - - - - - -

Middle Eastern 

regional ......... - - - - - - - - - - - - - - -

Total international 

and regional .... 12,636 12,281 355 11,878 403 41 6,271 252 5,716 - - - - 1 131

Grand total ..... 1,601,185 1,522,313 78,872 1,048,800 473,513 19,526 109,393 168,098 342,892 650,493 14,048 82,371 8,561 126,931 34,087
CAP I TAL MOVE MENTS 71

CHART CM-A.—U.S. Li a bil i ties to For eigners

Re ported by U.S. Banks, Bro kers and Dealers

with Re spect to Se lected Coun tries

0

100

200

300

400

500

600

700

1 99 6 1997 19 98 1999 Dec. 2000

(In bil lions of dol lars)

In 2000, U.S. banking liabilities

grew at twice the pace as in 1998

and 1999, due to strong growth in

the fourth quarter. For the year,

liabilities increased $104 billion,

primarily due to a $113 billion

increase opposite the Caribbean

financial centers.

U.S. banking liabilities to

foreigners, excluding long-term

securities, are concentrated in

international financial centers. The 

data on this page show that nearly

one-half of U.S. banking liabilities 

currently is reported opposite the

United Kingdom and the banking

centers in the Caribbean. Foreigners domiciled in the rest of Europe 

and in Asia hold an additional 40

percent.

U.S. bank ing li a bil i ties in the

mid-1990s went through a growth

spurt. The an nual growth rate be -

tween 1993 and 1997 av er aged 10 

per cent. In 1998 and 1999, growth 

slowed to less than 5 per cent per

year, more in line with the 1989

through 1992 pe riod. In 2000,

growth in creased to 7 per cent. 

United Kingdom. ............. 182,035 212,790 202,280 190,706 191,103 

All other Europe. ............. 259,163 274,671 274,354 290,632 293,436 

Caribbean banking centers 1..... 366,503 414,642 451,575 487,601 601,037 

Japan. ..................... 138,148 172,352 193,202 170,614 163,276 

All other Asia ................ 133,172 128,650 143,224 165,229 160,298 

Subtotal................... 1,079,021 1,203,105 1,264,635 1,304,782 1,409,150 

All other countries............. 186,534 197,446 184,327 192,495 192,035 

Grand total ................ 1,265,555 1,400,551 1,448,962 1,497,277 1,601,185 

1

 In cludes Ba ha mas, Ber muda, Brit ish West In dies, Neth er lands An til les and Pan ama.

United King dom All other Eu rope Ca rib bean bank ing cen ters

Ja pan All other coun tries

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Cal en dar years

All other Asia
72 CAP I TAL MOVE MENTS

SEC TION II.—Claims on For eigners Re ported by Banks in the United States

TA BLE CM-II-1.—To tal Claims by Type

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Total claims ...................... 974,771 943,593 973,405 974,817 1,033,128 1,093,343 1,097,949 1,089,392

Payable in dollars................. 875,891 851,919 890,343 896,247 944,937 1,008,098 1,011,285 1,009,914

Banks’ own claims on foreigners .... 734,995 699,956 742,675 752,518 793,139 810,545 827,178 840,405

Foreign public borrowers ........ 23,542 33,611 36,689 34,418 35,090 36,586 41,224 40,436

Un af fil i ated for eign banks:

Deposits .................... 27,230 24,160 24,549 24,556 34,538 24,377 22,371 23,765

Other ...................... 78,976 70,002 80,096 77,750 62,648 65,546 66,583 63,491

Own foreign offices.............. 484,535 457,585 479,349 479,621 529,682 553,457 557,717 576,452

All other foreigners .............. 120,712 114,598 121,992 136,173 131,181 130,579 139,283 136,261

Claims of banks’ 

domestic customers ............ 140,896 151,963 147,668 143,729 151,798 197,553 184,107 169,509

Deposits ..................... 79,363 93,031 94,642 88,789 88,006 129,514 106,055 87,340

Negotiable and readily 

transferable instruments ....... 47,914 46,338 42,670 40,804 51,161 56,032 62,975 70,334

Collections and other........... 13,619 12,594 10,356 14,136 12,631 12,007 15,077 11,835

Payable in foreign currencies........ 98,880 91,674 83,062 78,570 88,191 85,245 86,664 79,478

Banks’ own claims on foreigners .... 78,162 80,635 59,588 67,036 67,365 63,492 67,862 60,355

Claims of banks’ 

domestic customers ............ 20,718 11,039 23,474 11,534 20,826 21,753 18,802 19,123

Mem o ran da:

Claims reported by IBFs ........... 252,269 233,550 231,787 265,536 274,601 305,670 292,369 306,893

Payable in dollars ............... 217,375 199,187 206,309 231,810 243,755 274,221 259,393 277,158

Payable in foreign currencies ...... 34,894 34,363 25,478 33,726 30,846 31,449 32,976 29,735

Customer liability on acceptances .... 4,520 4,486 4,456 4,532 4,553 4,464 5,056 4,827

Claims with re main ing 

 ma tu rity of 1 year or less:

On foreign public borrowers......... 13,671 20,902 25,354 22,526 22,811 23,436 24,850 23,647

On all other unaffiliated foreigners .... 172,855 154,489 161,140 174,246 165,083 157,614 161,077 151,188

Claims with re main ing 

 ma tu rity of more than 1 year:

On foreign public borrowers......... 9,839 13,290 11,704 12,162 12,013 12,852 15,905 16,236

On all other unaffiliated foreigners .... 54,053 53,667 63,070 61,164 67,175 68,271 71,307 72,455

 

 1999 2000

Type of claim

Cal en dar year

1998 Mar. r June r Sept. r Dec. r Mar. r June Sept. p
CAP I TAL MOVE MENTS 73

TA BLE CM-II-2.—To tal Claims by Coun try

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria ...................... 2,744 4,582 4,605 4,283 4,651 6,515 5,546 6,561

Belgium-Luxembourg........... 11,989 10,852 14,206 10,644 15,774 15,162 12,598 10,721

Bulgaria ..................... 3 2 3 1 7 4 3 6

Czech Republic ............... 162 228 202 113 152 113 183 140

Denmark .................... 4,367 4,534 3,529 4,848 3,223 2,381 4,837 5,307

Finland ...................... 1,292 1,922 1,991 2,244 2,426 2,569 3,272 4,258

France ...................... 27,708 27,656 28,965 31,077 36,433 42,175 40,607 38,910

Germany .................... 46,117 44,415 49,506 49,703 58,385 68,678 62,070 58,091

Greece ...................... 1,072 972 974 910 1,165 1,309 1,128 1,092

Hungary ..................... 54 194 40 34 37 44 33 46

Ireland ...................... 5,495 3,999 5,082 4,596 4,612 6,741 7,801 6,213

Italy ........................ 13,064 11,376 11,313 12,199 12,765 11,075 13,599 11,130

Netherlands .................. 15,875 19,243 20,716 16,581 19,928 22,981 23,031 23,206

Norway...................... 1,560 1,427 1,477 1,592 1,160 2,633 3,036 5,613

Poland ...................... 706 1,394 1,257 1,116 1,219 436 403 240

Portugal ..................... 866 1,362 1,471 1,817 1,927 1,539 2,217 2,195

Romania..................... 59 85 91 85 68 66 64 79

Russia 1 ...................... 858 779 823 838 731 725 763 661

Spain ....................... 7,760 4,276 8,204 6,495 5,400 4,694 5,033 4,167

Sweden ..................... 9,196 10,789 7,421 7,653 8,508 14,450 15,312 15,280

Switzerland .................. 53,678 57,040 82,747 96,079 85,388 120,877 96,159 105,411

Turkey ...................... 3,781 3,605 4,146 2,867 9,906 9,613 4,757 4,270

United Kingdom ............... 162,874 159,393 189,014 180,432 172,345 186,684 210,763 209,082

Yugoslavia 2 .................. 62 64 54 51 50 50 49 49

Other Europe ................. 5,430 8,415 8,134 7,559 9,515 8,519 8,962 9,292

Total Europe ................ 376,772 378,604 445,971 443,817 455,775 530,033 522,226 522,020

Canada ....................... 73,578 63,910 54,632 53,446 56,906 61,885 62,407 54,794

Latin Amer ica and Ca rib bean:

Argentina .................... 10,909 11,052 11,381 11,510 11,486 11,480 11,807 12,327

Bahamas .................... 100,955 84,793 66,742 80,950 112,826 99,150 97,013 93,149

Bermuda .................... 5,418 4,413 6,336 8,711 8,117 7,498 6,391 6,569

Brazil ....................... 18,195 16,291 16,013 15,958 18,733 17,263 18,974 20,212

British West Indies............. 187,464 198,892 204,479 193,254 210,411 211,590 215,997 218,665

Chile........................ 8,498 8,237 7,624 6,974 6,743 6,684 6,330 6,129

Colombia .................... 6,671 6,233 5,683 4,852 4,543 3,964 3,820 3,886

Cuba ....................... - - - - - - - -

Ecuador..................... 1,461 1,276 1,128 873 780 712 638 654

Guatemala ................... 1,149 1,077 1,066 1,080 1,162 1,209 1,259 1,258

Jamaica..................... 247 327 320 334 299 332 296 341

Mexico ...................... 24,011 22,072 20,677 19,092 19,160 17,974 17,825 17,447

Netherlands Antilles............ 6,816 6,685 5,576 13,382 6,051 6,416 6,514 5,785

Panama..................... 3,742 3,549 3,481 3,109 3,512 3,138 3,304 3,056

Peru ........................ 3,296 3,247 2,992 2,615 2,559 2,251 2,491 2,720

Trinidad and Tobago ........... 461 505 557 591 609 637 685 599

Uruguay..................... 1,156 861 1,069 980 822 786 641 746

Venezuela ................... 3,217 3,729 3,742 3,677 3,720 3,866 3,671 3,688

Other Latin America 

and Caribbean............... 5,109 5,241 5,077 4,983 5,135 5,383 5,272 4,987

Total Latin America 

and Caribbean ............. 388,775 378,480 363,943 372,925 416,668 400,333 402,928 402,218

 

 1999 2000

Country

Cal en dar year

1998 Mar. r June r Sept. r Dec. r Mar. r June Sept. p
74 CAP I TAL MOVE MENTS

TA BLE CM-II-2.—To tal Claims by Coun try, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1

 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for m er

U.S.S.R. are re ported un der “Other Eu rope.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994 

for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab

Emirates (Trucial States).

4

 For merly known as Zaire.

5 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

Asia:

China:

Mainland................... 1,297 3,379 3,772 2,080 2,160 3,206 1,722 1,558

Taiwan..................... 1,196 1,475 1,079 1,120 1,639 1,373 1,764 3,151

Hong Kong................... 10,408 9,260 9,047 5,868 6,580 5,126 5,224 7,114

India........................ 1,600 1,827 1,714 1,869 1,874 1,880 2,046 2,144

Indonesia.................... 2,239 1,971 1,810 1,770 1,853 1,903 1,905 2,034

Israel ....................... 4,586 4,485 5,245 4,241 5,061 6,560 4,633 4,128

Japan....................... 55,170 48,588 32,601 34,381 34,627 33,138 37,997 39,889

Korea....................... 8,432 9,289 11,481 11,201 9,625 11,921 16,185 14,788

Lebanon..................... 35 40 29 4,616 29 27 55 36

Malaysia..................... 1,096 1,427 1,426 1,174 1,092 1,136 1,031 1,047

Pakistan..................... 645 793 918 1,084 405 526 670 742

Philippines................... 1,664 1,568 1,702 1,512 1,466 1,722 1,922 1,545

Singapore.................... 7,591 5,091 4,366 4,830 3,988 2,758 3,659 3,094

Syria........................ 1 - - - - 3 1 2

Thailand..................... 1,885 1,770 1,872 1,488 1,556 1,181 1,289 1,123

Oil-exporting countries 3 ......... 20,132 14,478 10,749 12,427 15,502 12,588 13,246 11,182

Other Asia ................... 281 331 429 826 437 511 331 310

Total Asia .................. 118,258 105,772 88,240 90,487 87,894 85,559 93,680 93,887

Af rica:

Congo 4 ..................... 1 - 1 - 25 2 3 1

Egypt....................... 320 327 326 323 308 320 272 199

Ghana ...................... 26 19 17 39 22 18 16 18

Liberia ...................... 627 574 632 542 513 556 528 594

Morocco..................... 446 453 479 577 377 304 287 290

South Africa .................. 768 916 825 627 714 480 821 393

Oil-exporting countries 5 ........ 936 327 416 324 277 198 431 917

Other Africa .................. 379 379 355 316 276 282 273 280

Total Africa .................

3,503 2,995 3,051 2,748 2,512 2,160 2,631 2,692

Other coun tries:

Australia..................... 9,459 8,382 12,863 7,490 8,308 8,460 9,051 8,314

All other..................... 806 748 640 311 486 604 303 602

Total other 

countries.................. 10,265 9,130 13,503 7,801 8,794 9,064 9,354 8,916

Total foreign 

countries ................

971,151 938,886 969,331 971,228 1,028,549 1,089,034 1,093,226 1,084,527

In ter na tional and re gional orgs.:

International .................. 3,499 4,582 3,963 3,532 4,555 4,294 4,677 4,544

European regional............. 42 29 1 26 10 - 5 42

Latin American regional......... 79 96 107 31 14 15 41 78

Asian regional ................ - - 3 - - - - 201

African regional............... - - - - - - - -

Middle Eastern regional......... - - - - - - - -

Total international 

and regional............... 3,620 4,707 4,074 3,589 4,579 4,309 4,723 4,865

Grand total ................ 974,771 943,593 973,405 974,817 1,033,128 1,093,343 1,097,949 1,089,392

 

 1999 2000

Country

Cal en dar year

1998 Mar. r June r Sept. r Dec. r Mar. r June Sept. p
CAP I TAL MOVE MENTS 75

TA BLE CM-II-3.—To tal Claims on For eigners by Type and Coun try, Sept. 30, 2000

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Re porting banks’ own claims

On for eign pub lic bor -

row ers and

un af fil i ated

for eign ers

On own for -

eign of fices

Pay able in

for eign 

cur ren cies

Mem o ran dum Claims of banks’ do mes tic cus tom ers

Coun try To tal claims

To tal banks’

own claims

Cus tomers’

li a bil ity on

ac cep tan ces To tal

Pay able in

dol lars

Pay able in

for eign 

cur ren cies

(1) (2) (3) (4) (5) (6) (7) (8) (9)

Eu rope:

Austria ................ 6,561 3,441 2,582 2 857 - 3,120 2,618 502

Belgium-Luxembourg..... 10,721 7,983 5,452 892 1,639 4 2,738 2,519 219

Bulgaria ............... 6 5 5 - - - 1 1 -

Czech Republic ......... 140 138 82 52 4 - 2 - 2

Denmark ............... 5,307 3,688 1,125 2,278 285 - 1,619 1,603 16

Finland ................ 4,258 3,663 200 3,361 102 - 595 3 592

France ................ 38,910 29,713 7,297 19,765 2,651 58 9,197 8,342 855

Germany .............. 58,091 39,384 11,769 21,460 6,155 2 18,707 17,008 1,699

Greece ................ 1,092 884 369 147 368 - 208 165 43

Hungary ............... 46 43 37 - 6 - 3 - 3

Ireland ................ 6,213 5,472 3,040 2,175 257 - 741 354 387

Italy................... 11,130 8,361 3,145 3,070 2,146 1 2,769 1,685 1,084

Netherlands............ 23,206 17,116 9,264 6,243 1,609 97 6,090 5,454 636

Norway ................ 5,613 4,628 4,401 73 154 - 985 867 118

Poland ................ 240 226 124 77 25 - 14 4 10

Portugal ............... 2,195 1,957 1,154 326 477 - 238 85 153

Romania ............... 79 79 62 17 - - - - -

Russia 1................ 661 655 643 - 12 - 6 6 -

Spain ................. 4,167 3,554 1,889 1,319 346 6 613 533 80

Sweden ............... 15,280 10,109 2,418 6,083 1,608 - 5,171 5,017 154

Switzerland............. 105,411 101,899 3,177 97,168 1,554 159 3,512 3,140 372

Turkey ................ 4,270 2,916 2,679 142 95 283 1,354 1,329 25

United Kingdom ......... 209,082 151,721 34,342 98,161 19,218 179 57,361 54,328 3,033

Yugoslavia 2 ............ 49 49 49 - - - - - -

Other Europe ........... 9,292 2,048 1,698 31 319 1 7,244 2,753 4,491

Total Europe .......... 522,020 399,732 97,003 262,842 39,887 790 122,288 107,814 14,474

Canada ................. 54,794 41,379 11,501 26,109 3,769 21 13,415 11,486 1,929

Latin Amer ica 

and Ca rib bean:

Argentina .............. 12,327 11,552 9,665 1,175 712 66 775 658 117

Bahamas .............. 93,149 85,953 5,911 77,215 2,827 39 7,196 7,195 1

Bermuda............... 6,569 6,417 6,165 100 152 24 152 152 -

Brazil ................. 20,212 19,240 12,507 6,554 179 564 972 754 218

British West Indies ....... 218,665 186,142 31,527 147,217 7,398 160 32,523 31,871 652

Chile.................. 6,129 6,012 5,904 50 58 29 117 109 8

Colombia .............. 3,886 3,860 3,734 116 10 5 26 26 -

Cuba.................. - - - - - - - - -

Ecuador ............... 654 631 594 29 8 23 23 23 -

Guatemala............. 1,258 1,246 1,152 74 20 26 12 12 -

Jamaica ............... 341 340 297 40 3 - 1 1 -

Mexico ................ 17,447 17,008 16,557 292 159 324 439 380 59

Netherlands Antilles...... 5,785 5,783 1,401 4,369 13 - 2 2 -

Panama ............... 3,056 2,955 1,879 902 174 32 101 101 -

Peru .................. 2,720 2,705 1,925 772 8 13 15 11 4

Trinidad and Tobago ..... 599 598 474 106 18 - 1 1 -

Uruguay ............... 746 743 572 156 15 1 3 3 -

Venezuela ............. 3,688 3,570 3,288 102 180 7 118 118 -

Other Latin America 

and Caribbean......... 4,987 4,890 3,948 781 161 111 97 97 -
76 CAP I TAL MOVE MENTS

TA BLE CM-II-3.—To tal Claims on For eigners by Type and Coun try, Sept. 30, 2000, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for mer

U.S.S.R. are re ported un der “Other Eu rope.”

2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June

1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3For merly known as Zaire.

Re porting banks’ own claims

On for eign

pub lic borrow ers and

un af fil i ated

for eign ers

On own for -

eign of fices

Pay able in

for eign 

cur ren cies

Mem o ran dum Claims of banks’ do mes tic cus tom ers

To tal claims

To tal banks’

own claims

Cus tomers’

li a bil ity on 

ac cep tan ces To tal

Pay able in

dol lars

Pay able in

for eign 

cur ren cies

Coun try (1) (2) (3) (4) (5) (6) (7) (8) (9)

Asia:

China:

Mainland ............. 1,558 1,520 1,385 134 1 9 38 38 -

Taiwan .............. 3,151 2,545 581 1,894 70 1 606 94 512

Hong Kong............. 7,114 6,382 3,563 2,451 368 11 732 662 70

India.................. 2,144 2,011 1,842 164 5 24 133 122 11

Indonesia .............. 2,034 2,011 1,902 80 29 5 23 5 18

Israel ................. 4,128 1,120 904 212 4 5 3,008 3,001 7

Japan................. 39,889 37,542 6,345 28,889 2,308 57 2,347 1,882 465

Korea................. 14,788 14,599 11,264 3,193 142 2,310 189 85 104

Lebanon............... 36 30 26 2 2 3 6 6 -

Malaysia............... 1,047 1,001 744 238 19 6 46 6 40

Pakistan............... 742 739 95 644 - - 3 2 1

Philippines ............. 1,545 1,537 1,446 49 42 16 8 7 1

Singapore ............. 3,094 2,459 1,836 554 69 1 635 620 15

Syria.................. 2 1 1 - - - 1 1 -

Thailand............... 1,123 1,084 212 859 13 13 39 21 18

Other Asia ............. 11,492 11,175 4,913 5,233 1,029 84 317 317 -

Total Asia ............ 93,887 85,756 37,059 44,596 4,101 2,545 8,131 6,869 1,262

Af rica:

Congo 3 ............... 1 1 - - 1 - - - -

Egypt................. 199 181 173 3 5 26 18 15 3

Ghana ................ 18 13 13 - - 1 5 5 -

Liberia ................ 594 594 594 - - - - - -

Morocco............... 290 279 252 2 25 3 11 11 -

South Africa ............ 393 378 285 87 6 - 15 4 11

Other Africa ............ 1,197 1,190 1,172 16 2 2 7 7 -

Total Africa ........... 2,692 2,636 2,489 108 39 32 56 42 14

Other coun tries:

Australia............... 8,314 6,229 3,320 2,716 193 15 2,085 1,724 361

All other ............... 602 518 216 31 271 - 84 60 24

Total other 

countries............ 8,916 6,747 3,536 2,747 464 15 2,169 1,784 385

Total foreign 

countries .......... 1,084,527 895,895 259,088 576,452 60,355 4,827 188,632 169,509 19,123

In ter na tional 

 and re gional orgs.:

International............ 4,544 4,544 4,544 - - - - - -

European regional ....... 42 42 42 - - - - - -

Latin American regional ... 78 78 78 - - - - - -

Asian regional .......... 201 201 201 - - - - - -

African regional ......... - - - - - - - - -

Middle Eastern regional ...

- - - - - - - - -

Total international 

and regional......... 4,865 4,865 4,865 - - - - - -

Grand total .......... 1,089,392 900,760 263,953 576,452 60,355 4,827 188,632 169,509 19,123
CAP I TAL MOVE MENTS 77

CHART CM-B.—U.S. Claims on For eign ers

Re ported by U.S. Banks, Bro kers and Dealers with Re spect to Se lected Coun tries

United Kingdom ................... 129,301 151,645 162,874 172,345 209,082 

All other Europe. .................. 144,459 176,991 213,888 283,430 312,938 

Caribbean banking centers 1. ......... 243,575 297,995 304,395 340,917 327,224 

Japan. .......................... 92,172 86,759 55,170 34,627 39,889 

All other Asia. ..................... 76,413 79,301 63,088 53,267 53,998 

Subtotal........................ 685,920 792,691 799,415 884,586 943,131 

All other countries. ................. 134,995 151,390 175,356 148,542 146,261 

Grand total ..................... 820,915 944,081 974,771 1,033,128 1,089,392 

1 In cludes Ba ha mas, Ber muda, Brit ish West In dies, Neth er lands An til les and Pan ama.

All other Eu rope

All other Asia

United King dom Ca rib bean bank ing cen ters

Ja pan All other coun tries

0

100

200

300

400

19 96 19 97 19 98 1 999 Sept . 2000

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Cal en dar years

Coun try 1996 1997 1998 1999 Sept. 2000

(In bil lions of dol lars)

Over the first three quar ters of 2000,

bank ing claims on for eign ers grew

strongly, due en tirely to growth in

the first quar ter. In the third quar ter,

how ever, claims de creased mod estly. 

For the year to date, claims have in -

creased $56 bil lion, pri mar ily due to

a $66 bil lion in crease in claims op po -

site Eu rope.

U.S. banking claims on foreigners,

excluding long-term securities, are

concentrated in international

financial centers. The data on this

page show that over three-quarters of 

U.S. claims currently are reported

opposite the United Kingdom, “All

other Europe,” and the banking

centers in the Caribbean. Foreigners

domiciled in Asia hold less than 10

percent of U.S. claims, down from

20 percent at the end of 1996.

Af ter ex tremely strong growth in the

mid-1990s, to tal U.S. bank ing claims 

on for eign ers are lev el ing off. An -

nual growth peaked at 15 per cent in

1997. In 1998 and the first three

quar ters of 1999, claims grew at a

much slower an nual rate of 3 per -

cent. Strong growth in the fourth

quar ter of 1999 and the first quar ter

of 2000 re sulted in growth in bank -

ing claims of 6 per cent in 1999 and 7 

per cent (an nu al ized) over the first

three quar ters of 2000. 
78 CAP I TAL MOVE MENTS

SEC TION III.—Sup ple men tary Li a bil i ties andClaims Data

Re ported by Banksin the United States

TA BLE CM-III-1.—Dol lar Li a bil i ties to, and Dol lar Claims on, For eigners

in Coun tries and Areas Not Reg u larly Re ported Sep a rately

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

* Less than $500,000. Note.—Data rep re sent a par tial break down of the amounts shown for the cor re spond ing dates

for the “Other” geo graph ical cat e go ries in the reg u lar monthly se ries in the “Trea sury Bul le tin.”

Other Eu rope:

Cyprus .............................. 179 332 222 762 63 49

Iceland .............................. n.a. 63 105 14 11 n.a.

Monaco ............................. 265 179 224 n.a. n.a. 132

Other Latin Amer ica and Ca rib bean:

Aruba ............................... 216 297 317 32 n.a. n.a.

Barbados ............................ 1,351 1,692 1,693 465 813 1,095

Belize............................... 92 104 141 18 n.a. 43

Bolivia .............................. 713 726 550 624 582 491

Costa Rica ........................... 1,260 1,404 1,455 541 568 554

Dominica ............................ n.a. 68 53 n.a. 13 n.a.

Dominican Republic.................... 1,422 1,758 1,422 606 787 858

El Salvador ........................... 985 982 1,066 830 954 888

French West Indies and French Guiana .... 31 52 37 n.a. 7 n.a.

Haiti ................................ 497 345 304 24 16 20

Honduras ............................ 1,299 1,537 1,684 366 328 269

Nicaragua............................ 110 115 161 62 60 82

Paraguay ............................ 782 886 920 112 98 92

Suriname............................ 181 178 167 89 67 80

Other Asia:

Afghanistan .......................... n.a. 61 49 n.a. - -

Burma .............................. 5 5 8 - - -

Jordan .............................. 287 512 386 78 39 82

Macau .............................. 81 n.a. 91 n.a. n.a. -

Sri Lanka ............................ 135 221 131 45 n.a. 41

Yemen .............................. 95 368 400 n.a. n.a. 1

Other Af rica:

Angola .............................. 244 203 287 n.a. n.a. n.a.

Cameroon ........................... 35 19 16 n.a. 8 8

Ethiopia ............................. 162 n.a. 135 n.a. n.a. n.a.

Guinea .............................. 70 28 24 - - *

Ivory Coast ........................... 80 55 62 7 n.a. 13

Kenya............................... 173 228 138 19 22 13

Madagascar.......................... 30 26 19 - - n.a.

Mauritius ............................ 165 125 137 n.a. 4 3

Mozambique ......................... 179 110 126 n.a. 3 n.a.

Niger ............................... 4 4 2 n.a. n.a. n.a.

Rwanda ............................. 34 57 43 n.a. n.a. n.a.

Senegal ............................. 49 32 44 n.a. n.a. 4

Somalia ............................. 16 16 13 - - -

Sudan .............................. 15 11 11 n.a. n.a. n.a.

Tanzania ............................ 253 214 213 n.a. n.a. 7

Tunisia .............................. 90 124 163 168 n.a. 101

Uganda ............................. n.a. 121 84 n.a. n.a. 1

Zambia .............................. 59 52 50 n.a. n.a. n.a.

Zimbabwe........................... 99 73 61 n.a. n.a. *

All other:

New Zealand ......................... 648 636 373 388 215 143

Papua New Guinea .................... 56 n.a. n.a. 33 27 n.a.

 To tal li a bil i ties To tal banks’ own claims

 Cal en dar Year 2000 Cal en dar Year 2000

Country 1998 1999 June 1998 1999 June
CAP I TAL MOVE MENTS 79

SEC TION IV.—Li a bil i ties to, and Claims on, For eigners

Re ported by Nonbanking Busi ness En ter prises

in the United States

TA BLE CM-IV-1.—To tal Li a bil i ties and Claims by Type

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

Total liabilities ....................... 61,782 57,382 46,570 52,979 53,020 53,489 70,534 76,944

Payable in dollars .................. 39,542 41,543 36,668 36,296 37,605 35,614 47,864 51,751

Financial ........................ 11,913 12,630 10,371 12,231 13,883 12,858 22,803 26,159

Com mer cial:

Trade payables ................. 11,683 9,599 10,133 11,387 11,720 11,267 12,691 13,236

Advance receipts and other ........ 15,946 19,314 16,164 12,678 12,002 11,489 12,370 12,356

Payable in foreign currencies ......... 22,240 15,839 9,902 16,683 15,415 17,875 22,670 25,193

Financial ........................ 21,136 14,247 8,884 15,191 14,097 16,322 21,265 23,736

Com mer cial:

Trade payables ................. 1,037 1,305 845 1,264 1,114 1,134 1,073 982

Advance receipts and other ........ 67 287 173 228 204 419 332 475

Total claims ........................ 65,897 68,128 77,462 67,566 76,642 84,266 80,725 94,806

Payable in dollars .................. 59,156 62,173 72,171 60,456 69,170 74,331 72,294 82,877

Fi nan cial:

Deposits ....................... 20,852 21,060 28,549 13,240 16,373 21,442 15,361 27,974

Other ......................... 12,374 11,806 14,049 15,718 18,593 19,659 22,384 20,541

Com mer cial:

Trade receivables................ 23,495 26,157 25,743 27,769 30,624 28,512 29,584 29,573

Advance payments and other....... 2,435 3,150 3,830 3,729 3,580 4,718 4,965 4,789

Payable in foreign currencies ......... 6,741 5,955 5,291 7,110 7,472 9,935 8,431 11,929

Fi nan cial:

Deposits ....................... 772 1,849 1,650 1,952 2,193 1,874 2,101 2,954

Other ......................... 3,525 2,244 2,012 2,967 3,072 4,823 4,457 6,834

Com mer cial:

Trade receivables................ 2,256 1,379 1,459 1,628 1,978 2,931 1,693 1,960

Advance payments and other....... 188 483 170 563 229 307 180 181

Cal en dar year 1999 2000

Type of li a bil ity or claim 1996 1997 1998 Sept. Dec. Mar. r June Sept. p
80 CAP I TAL MOVE MENTS

TA BLE CM-IV-2.—To tal Li a bil i ties by Coun try

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria...................... 44 67 112 118 81 112 93 95 131

Belgium-Luxembourg .......... 700 1,111 852 357 178 171 82 341 324

Bulgaria..................... 1 2 5 3 3 - 1 2 1

Czech Republic............... 26 22 38 105 78 26 25 26 25

Denmark .................... 138 93 170 132 73 105 138 131 173

Finland ..................... 179 161 281 83 87 48 38 47 42

France...................... 1,480 1,771 2,189 2,017 2,295 2,331 2,388 2,413 2,026

Germany .................... 2,741 2,836 3,232 3,455 2,913 3,105 2,794 2,619 3,155

Greece ..................... 89 72 89 120 117 141 283 223 356

Hungary .................... 9 12 13 3 9 9 9 5 11

Ireland...................... 414 449 1,136 1,307 762 827 1,226 2,513 1,184

Italy ........................ 374 911 923 1,177 865 749 1,312 1,515 1,548

Netherlands.................. 966 1,322 933 1,835 2,601 2,503 2,618 2,597 2,464

Norway ..................... 209 424 242 188 238 266 126 185 195

Poland...................... 7 30 7 11 32 46 52 81 48

Portugal..................... 35 33 36 29 17 34 19 16 15

Romania .................... 3 9 165 149 208 159 236 184 180

Russia 1..................... 177 105 115 82 141 251 194 122 34

Spain....................... 171 222 334 546 546 501 389 478 381

Sweden ..................... 233 204 244 171 184 158 161 147 145

Switzerland .................. 1,308 1,323 936 654 726 773 633 702 825

Turkey...................... 118 129 285 211 356 384 446 511 543

United Kingdom .............. 13,706 21,464 15,753 9,677 18,271 19,592 19,240 24,445 31,635

Yugoslavia 2 .................. 6 9 6 8 7 11 6 7 8

Other Europe ................ 188 165 159 181 172 201 187 220 196

Total Europe................ 23,322 32,946 28,255 22,619 30,960 32,503 32,696 39,625 45,645

Canada ...................... 1,672 2,491 3,549 2,083 2,097 2,059 2,337 2,767 2,146

Latin Amer ica 

and Ca rib bean:

Argentina.................... 136 272 219 118 157 169 247 202 186

Bahamas.................... 60 299 157 21 25 23 10 88 120

Bermuda .................... 352 347 432 299 204 157 288 1,316 1,559

Brazil....................... 155 274 363 304 242 271 243 265 298

British West Indies ............ 922 1,044 616 967 825 540 512 485 520

Chile....................... 76 160 150 111 74 64 94 99 61

Colombia.................... 63 123 120 72 111 141 111 156 156

Cuba....................... 1 5 - 5 23 27 22 18 19

Ecuador..................... 26 27 22 19 67 58 22 70 40

Guatemala .................. 4 12 30 12 10 6 26 18 20

Jamaica..................... 18 16 18 12 18 13 46 20 15

Mexico...................... 428 682 591 406 732 912 827 1,099 1,115

Netherlands Antilles ........... 635 53 23 44 15 19 15 24 16

Panama..................... 23 12 16 16 59 67 62 69 27

Peru ....................... 21 44 30 35 26 28 25 23 25

Trinidad and Tobago........... 13 144 75 34 9 15 18 12 11

Uruguay .................... 3 6 20 8 14 8 7 7 7

Venezuela................... 223 329 262 204 182 305 193 239 124

Other Latin America 

and Caribbean .............. 364 393 418 426 344 379 364 1,271 1,651

Total Latin America 

and Caribbean............. 3,523 4,242 3,562 3,113 3,137 3,202 3,132 5,481 5,970

Cal en dar year 1999 2000

Coun try 1995 1996 1997 1998 Sept. Dec. Mar. r June Sept. p
CAP I TAL MOVE MENTS 81

TA BLE CM-IV-2.—To tal Li a bil i ties by Coun try, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1

 Be gin ning with se ries for De cem ber 1992 for ward, data are for Rus sia only. Data for all other

re pub lics of the for mer U.S.S.R. are re ported un der “Other Eu rope.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June

1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab

Emirates (Trucial States).

4

 For merly known as Zaire.

5

 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

Asia:

China:

Mainland ................... 579 990 1,250 708 717 627 606 781 526

Taiwan ..................... 451 697 936 898 1,066 1,175 1,115 1,096 985

Hong Kong ................... 646 610 750 388 318 223 347 790 430

India........................ 196 181 170 387 503 519 355 330 284

Indonesia .................... 350 314 213 154 174 83 70 89 114

Israel ....................... 99 205 176 228 112 160 188 185 633

Japan....................... 8,751 10,483 8,602 7,439 6,073 5,751 5,259 8,224 6,851

Korea ....................... 1,433 1,558 1,150 945 718 543 695 2,477 3,165

Lebanon..................... 61 72 29 27 61 56 60 55 52

Malaysia..................... 297 586 766 141 84 118 139 102 238

Pakistan..................... 80 77 60 33 21 37 31 85 75

Philippines ................... 60 110 222 169 201 169 114 104 105

Singapore .................... 819 908 1,252 1,240 924 917 1,237 2,093 2,785

Syria........................ 50 61 23 15 45 8 6 24 10

Thailand..................... 392 473 405 362 251 165 200 218 203

Oil-exporting countries3 ......... 1,939 2,193 3,138 2,852 2,621 2,555 2,312 3,494 3,728

Other Asia ................... 206 327 211 141 161 217 222 271 357

Total Asia .................. 16,409 19,845 19,353 16,127 14,050 13,323 12,956 20,418 20,541

Af rica:

Congo 4..................... - - - - - 9 10 1 1

Egypt ....................... 157 198 90 39 71 86 100 115 154

Ghana ...................... 16 29 28 9 1 1 2 3 4

Liberia ...................... - - 1 9 2 2 2 - 16

Morocco..................... 24 21 49 41 32 31 12 10 12

South Africa .................. 42 154 255 189 135 138 148 141 130

Oil-exporting countries5......... 376 532 408 393 584 499 536 575 693

Other Africa .................. 154 144 103 142 165 212 161 138 323

Total Africa ................. 769 1,078 934 822 990 978 971 983 1,333

Other coun tries:

Australia..................... 461 945 911 949 861 634 450 294 324

All other ..................... 230 125 810 852 854 300 910 930 929

Total other 

countries.................. 691 1,070 1,721 1,801 1,715 934 1,360 1,224 1,253

Total foreign 

countries ................ 46,386 61,672 57,374 46,565 52,949 52,975 53,452 70,498 76,888

In ter na tional 

and re gional orgs.:

International.................. 2 55 - - - 1 - - -

European regional ............. 60 55 8 5 30 44 37 36 56

Latin American regional......... - - - - - - - - -

Asian regional ................ - - - - - - - - -

African regional ............... - - - - - - - - -

Middle Eastern regional......... - - - - - - - - -

Total international 

and regional ............... 62 110 8 5 30 45 37 36 56

Grand total ................ 46,448 61,782 57,382 46,570 52,979 53,020 53,489 70,534 76,944

Cal en dar year 1999 2000

Coun try 1995 1996 1997 1998 Sept. Dec. Mar. r June Sept. p
82 CAP I TAL MOVE MENTS

TA BLE CM-IV-3.—To tal Li a bil i ties by Type and Coun try, Sept. 30, 2000, Pre lim i nary

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Fi nan cial li a bil i ties

Coun try To tal li a bil i ties To tal Pay able in dol lars

Pay able in for eign

cur ren cies

 Com mer cial 

 li a bil i ties

 (1) (2) (3) (4) (5) 

Eu rope:

Austria ...................... 131 3 - 3 128

Belgium-Luxembourg........... 324 169 125 44 155

Bulgaria ..................... 1 - - - 1

Czech Republic ............... 25 1 1 - 24

Denmark .................... 173 4 - 4 169

Finland ...................... 42 36 6 30 6

France ...................... 2,026 1,299 1,030 269 727

Germany .................... 3,155 2,132 1,519 613 1,023

Greece ...................... 356 2 2 - 354

Hungary ..................... 11 1 1 - 10

Ireland ...................... 1,184 1,024 309 715 160

Italy ........................ 1,548 385 53 332 1,163

Netherlands .................. 2,464 2,040 2,016 24 424

Norway ...................... 195 4 4 - 191

Poland ...................... 48 17 17 - 31

Portugal..................... 15 3 3 - 12

Romania..................... 180 - - - 180

Russia 1 ..................... 34 10 10 - 24

Spain ....................... 381 239 218 21 142

Sweden ..................... 145 12 12 - 133

Switzerland .................. 825 178 140 38 647

Turkey ...................... 543 8 8 - 535

United Kingdom ............... 31,635 28,601 9,308 19,293 3,034

Yugoslavia 2.................. 8 - - - 8

Other Europe ................. 196 7 5 2 189

Total Europe ................

45,645 36,175 14,787 21,388 9,470

Canada ....................... 2,146 249 162 87 1,897

Latin Amer ica 

and Ca rib bean:

Argentina .................... 186 51 10 41 135

Bahamas .................... 120 105 104 1 15

Bermuda .................... 1,559 1,182 1,181 1 377

Brazil ....................... 298 132 18 114 166

British West Indies............. 520 501 489 12 19

Chile........................ 61 11 11 - 50

Colombia .................... 156 1 1 - 155

Cuba ....................... 19 - - - 19

Ecuador..................... 40 - - - 40

Guatemala ................... 20 - - - 20

Jamaica ..................... 15 2 2 - 13

Mexico ...................... 1,115 35 13 22 1,080

Netherlands Antilles............ 16 9 9 - 7

Panama ..................... 27 - - - 27

Peru ........................ 25 1 1 - 24

Trinidad and Tobago ........... 11 4 4 - 7

Uruguay..................... 7 - - - 7

Venezuela ................... 124 - - - 124

Other Latin America 

and Caribbean............... 1,651 1,413 1,408 5 238

Total Latin America 

and Caribbean ............. 5,970 3,447 3,251 196 2,523
CAP I TAL MOVE MENTS 83

1

 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for m er

U.S.S.R. are re ported un der “Other Eu rope.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994 

for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 For merly known as Zaire.

TA BLE CM-IV-3.—To tal Li a bil i ties by Type and Coun try, Sept. 30, 2000, Pre lim i nary, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

Fi nan cial li a bil i ties

Coun try To tal li a bil i ties To tal Pay able in dol lars

Pay able in for eign 

cur ren cies

 Com mer cial 

 li a bil i ties

 (1) (2) (3) (4) (5) 

Asia:

China:

Mainland ................... 526 94 55 39 432

Taiwan..................... 985 2 1 1 983

Hong Kong................... 430 142 125 17 288

India........................ 284 3 1 2 281

Indonesia .................... 114 7 4 3 107

Israel ....................... 633 435 435 - 198

Japan ....................... 6,851 4,782 3,485 1,297 2,069

Korea ....................... 3,165 2,445 2,444 1 720

Lebanon..................... 52 4 4 - 48

Malaysia..................... 238 - - - 238

Pakistan..................... 75 1 - 1 74

Philippines ................... 105 2 - 2 103

Singapore.................... 2,785 1,362 1,344 18 1,423

Syria........................ 10 - - - 10

Thailand..................... 203 22 - 22 181

Other Asia ................... 4,085 19 19 - 4,066

Total Asia .................. 20,541 9,320 7,917 1,403 11,221

Af rica:

Congo 3..................... 1 - - - 1

Egypt ....................... 154 5 4 1 149

Ghana ...................... 4 - - - 4

Liberia ...................... 16 16 16 - -

Morocco..................... 12 - - - 12

South Africa .................. 130 15 - 15 115

Other Africa .................. 1,016 12 12 - 1,004

Total Africa ................. 1,333 48 32 16 1,285

Other coun tries:

Australia..................... 324 45 5 40 279

All other ..................... 929 611 5 606 318

Total other countries.......... 1,253 656 10 646 597

Total foreign countries ....... 76,888 49,895 26,159 23,736 26,993

In ter na tional and re gional orgs.:

International.................. - - - - -

European regional ............. 56 - - - 56

Latin American regional ......... - - - - -

Asian regional ................ - - - - -

African regional ............... - - - - -

Middle Eastern regional .........

- - - - -

Total international 

and regional............... 56 - - - 56

Grand total ................ 76,944 49,895 26,159 23,736 27,049
84 CAP I TAL MOVE MENTS

TA BLE CM-IV-4.—To tal Claims by Coun try

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria ...................... 114 159 126 146 357 208 445 257 297

Belgium-Luxembourg........... 424 411 734 899 863 845 811 742 697

Bulgaria ..................... 29 19 32 11 7 6 5 13 21

Czech Republic ............... 53 34 42 67 100 26 37 42 43

Denmark .................... 107 101 155 81 75 310 197 156 234

Finland ...................... 185 173 211 244 296 261 249 257 212

France ...................... 2,633 2,338 2,811 3,035 3,587 3,203 4,355 3,984 4,401

Germany .................... 1,506 1,613 2,041 2,126 2,493 2,464 2,703 2,482 2,839

Greece ...................... 193 148 386 316 397 487 482 441 327

Hungary ..................... 50 17 62 66 62 54 50 54 47

Ireland ...................... 290 274 277 244 353 340 434 494 589

Italy ........................ 1,029 1,039 1,466 1,257 1,159 1,284 1,268 1,190 1,193

Netherlands .................. 969 1,055 1,274 1,342 1,684 2,658 3,318 3,226 3,796

Norway ...................... 169 251 303 165 280 273 192 201 253

Poland ...................... 78 108 124 111 66 62 70 61 66

Portugal..................... 64 92 78 153 157 91 91 121 106

Romania..................... 16 14 7 20 18 11 11 15 9

Russia 1..................... 300 239 221 232 280 293 369 398 340

Spain ....................... 537 645 623 527 695 715 766 905 903

Sweden ..................... 288 372 504 565 329 339 358 321 368

Switzerland .................. 1,018 1,116 988 897 1,273 1,253 1,223 1,187 1,308

Turkey ...................... 256 222 379 236 424 464 705 591 419

United Kingdom ............... 6,959 10,868 13,997 12,535 12,946 13,388 14,398 16,597 21,389

Yugoslavia 2.................. 13 6 11 14 25 17 17 45 37

Other Europe ................. 153 214 267 251 319 360 353 402 293

Total Europe ................ 17,433 21,528 27,119 25,540 28,245 29,412 32,907 34,182 40,187

Canada ....................... 4,802 5,607 5,973 5,120 5,810 5,310 6,263 9,049 10,462

Latin Amer ica 

and Ca rib bean:

Argentina .................... 396 617 688 893 1,052 896 855 891 830

Bahamas .................... 1,995 1,588 2,335 427 784 1,613 1,314 703 1,433

Bermuda .................... 353 415 352 575 1,073 401 415 415 409

Brazil ....................... 1,728 2,771 2,475 1,859 2,028 2,381 2,495 2,560 2,550

British West Indies............. 10,472 15,726 10,571 24,492 7,420 12,280 15,909 7,802 15,777

Chile........................ 248 374 327 320 240 263 387 313 330

Colombia .................... 413 422 424 279 267 349 324 335 327

Cuba ....................... 1 5 - - 3 - 2 1 -

Ecuador..................... 123 107 101 103 63 82 60 57 84

Guatemala ................... 48 98 93 88 83 85 121 73 92

Jamaica ..................... 41 40 52 45 69 52 80 34 82

Mexico ...................... 1,547 1,585 1,929 2,790 3,404 3,476 3,508 3,613 3,895

Netherlands Antilles............ 32 114 153 37 32 45 72 97 37

Panama ..................... 156 109 145 173 156 168 202 194 201

Peru ........................ 221 201 147 183 185 148 170 112 122

Trinidad and Tobago ........... 36 25 20 55 24 46 58 45 53

Uruguay..................... 32 42 49 59 67 68 70 70 60

Venezuela ................... 317 388 612 456 412 487 500 544 480

Other Latin America 

and Caribbean............... 705 681 820 1,176 1,266 1,325 1,302 2,807 727

Total Latin America 

and Caribbean ............. 18,864 25,308 21,293 34,010 18,628 24,165 27,844 20,666 27,489

Cal en dar year 1999 2000

Coun try 1995 1996 1997 1998 Sept. Dec. Mar. June Sept. p
CAP I TAL MOVE MENTS 85

TA BLE CM-IV-4.—To tal Claims by Coun try, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1

 Be gin ning with se ries for De cem ber 1992 for ward, data are for Rus sia only. Data for all other

re pub lics of the for mer U.S.S.R. are re ported un der “Other Eu rope.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994 

for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab Emirates

(Trucial States).

4

 For merly known as Zaire.

5

 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

Asia:

China:

Mainland ................... 696 992 1,076 825 942 760 1,018 1,012 1,034

Taiwan..................... 532 511 814 770 898 1,097 1,129 1,345 1,341

Hong Kong................... 454 669 562 331 345 400 958 861 457

India........................ 323 402 439 348 569 599 486 553 664

Indonesia .................... 367 665 704 417 418 408 386 446 376

Israel ....................... 267 323 347 327 282 336 419 527 392

Japan ....................... 2,741 3,038 2,799 2,875 3,073 5,336 4,103 3,292 3,797

Korea ....................... 933 822 988 1,084 1,492 1,378 1,481 1,432 1,550

Lebanon..................... 48 41 37 26 21 14 22 25 40

Malaysia..................... 496 560 547 492 513 516 513 672 733

Pakistan..................... 42 99 44 37 33 23 32 110 23

Philippines ................... 123 245 144 148 179 258 235 141 127

Singapore.................... 573 781 779 734 815 1,041 825 984 833

Syria........................ 12 7 11 12 36 5 10 5 8

Thailand..................... 199 288 280 489 467 651 208 192 153

Oil-exporting countries 3 ......... 977 993 1,118 1,144 1,484 1,648 1,562 1,283 1,282

Other Asia ................... 108 161 157 160 217 152 144 216 183

Total Asia .................. 8,891 10,597 10,846 10,219 11,784 14,622 13,531 13,096 12,993

Af rica:

Congo 4 ..................... 11 13 3 1 6 - - 2 2

Egypt ....................... 160 155 286 136 151 186 192 236 223

Ghana ...................... 16 15 9 14 8 6 25 28 26

Liberia ...................... 13 29 8 11 6 3 11 8 -

Morocco..................... 57 27 28 29 32 35 44 42 27

South Africa .................. 321 277 322 272 299 323 262 266 272

Oil-exporting countries 5........... 92 180 134 181 233 186 97 199 395

Other Africa .................. 260 224 209 226 198 178 317 305 234

Total Africa ................. 930 920 999 870 933 917 948 1,086 1,179

Other coun tries:

Australia..................... 1,310 1,536 1,485 1,398 1,766 1,889 2,124 2,105 2,006

All other ..................... 270 265 390 286 362 351 638 536 485

Total other 

countries.................. 1,580 1,801 1,875 1,684 2,128 2,240 2,762 2,641 2,491

Total foreign 

countries ................

52,500 65,761 68,105 77,443 67,528 76,639 84,255 80,720 94,801

In ter na tional 

and re gional orgs.:

International.................. 8 60 18 15 - 2 10 - -

European regional ............. 1 58 5 3 - - - 4 4

Latin American regional ......... - 2 - - - - - - -

Asian regional ................ - 13 - - - - - - -

African regional ............... - 3 - 1 1 1 1 1 1

Middle Eastern regional .........

- - - - 37 - - - -

Total international 

and regional ............... 9 136 23 19 38 3 11 5 5

Grand total ................ 52,509 65,897 68,128 77,462 67,566 76,642 84,266 80,725 94,806

Cal en dar year 1999 2000

Coun try 1995 1996 1997 1998 Sept. Dec. Mar. June Sept. p
86 CAP I TAL MOVE MENTS

TA BLE CM-IV-5.—To tal Claims by Type and Coun try, Sept. 30, 2000, Pre lim i nary

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria ...................... 297 167 165 2 130

Belgium-Luxembourg........... 697 304 297 7 393

Bulgaria..................... 21 - - - 21

Czech Republic ............... 43 2 2 - 41

Denmark .................... 234 87 84 3 147

Finland...................... 212 - - - 212

France ...................... 4,401 1,477 863 614 2,924

Germany .................... 2,839 696 532 164 2,143

Greece...................... 327 212 211 1 115

Hungary..................... 47 2 2 - 45

Ireland ...................... 589 363 355 8 226

Italy ........................ 1,193 128 100 28 1,065

Netherlands .................. 3,796 2,486 855 1,631 1,310

Norway...................... 253 119 118 1 134

Poland ...................... 66 5 - 5 61

Portugal..................... 106 8 6 2 98

Romania..................... 9 - - - 9

Russia1...................... 340 94 94 - 246

Spain ....................... 903 309 293 16 594

Sweden ..................... 368 124 114 10 244

Switzerland .................. 1,308 626 606 20 682

Turkey ...................... 419 217 216 1 202

United Kingdom............... 21,389 16,191 12,366 3,825 5,198

Yugoslavia2 ................... 37 - - - 37

Other Europe................. 293 89 54 35 204

Total Europe ................

40,187 23,706 17,333 6,373 16,481

Canada....................... 10,462 7,517 6,070 1,447 2,945

Latin Amer ica 

and Ca rib bean:

Argentina.................... 830 230 217 13 600

Bahamas .................... 1,433 1,358 1,353 5 75

Bermuda .................... 409 22 22 - 387

Brazil ....................... 2,550 1,568 1,548 20 982

British West Indies............. 15,777 15,722 15,722 - 55

Chile........................ 330 34 33 1 296

Colombia .................... 327 88 83 5 239

Cuba ....................... - - - - -

Ecuador..................... 84 12 9 3 72

Guatemala................... 92 22 20 2 70

Jamaica..................... 82 52 51 1 30

Mexico ...................... 3,895 2,280 2,249 31 1,615

Netherlands Antilles ............ 37 24 24 - 13

Panama..................... 201 19 18 1 182

Peru........................ 122 6 6 - 116

Trinidad and Tobago ........... 53 2 1 1 51

Uruguay..................... 60 30 27 3 30

Venezuela ................... 480 101 77 24 379

Other Latin America 

and Caribbean............... 727 121 114 7 606

Total Latin America 

and Caribbean ............. 27,489 21,691 21,574 117 5,798

 Fi nan cial claims

Coun try To tal claims To tal De nom i nated in dol lars

De nom i nated in for eign

cur ren cies

 Com mer cial 

claims

 (1) (2) (3) (4) (5) 
CAP I TAL MOVE MENTS 87

TA BLE CM-IV-5.—To tal Claims by Type and Coun try, Sept. 30, 2000, Pre lim i nary, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the former

U.S.S.R. are re ported un der “Other Europe.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994

for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 For merly known as Zaire.

Asia:

China:

Mainland ................... 1,034 173 165 8 861

Taiwan ..................... 1,341 166 6 160 1,175

Hong Kong ................... 457 130 84 46 327

India ........................ 664 330 292 38 334

Indonesia .................... 376 113 112 1 263

Israel........................ 392 21 21 - 371

Japan ....................... 3,797 1,726 256 1,470 2,071

Korea ....................... 1,550 521 521 - 1,029

Lebanon ..................... 40 - - - 40

Malaysia ..................... 733 451 384 67 282

Pakistan ..................... 23 4 4 - 19

Philippines ................... 127 13 11 2 114

Singapore.................... 833 177 163 14 656

Syria........................ 8 - - - 8

Thailand ..................... 153 26 24 2 127

Other Asia ................... 1,465 151 146 5 1,314

Total Asia................... 12,993 4,002 2,189 1,813 8,991

Af rica:

Congo 3...................... 2 - - - 2

Egypt ....................... 223 79 76 3 144

Ghana....................... 26 - - - 26

Liberia....................... - - - - -

Morocco ..................... 27 2 2 - 25

South Africa .................. 272 147 147 - 125

Other Africa ..................

629 56 53 3 573

To tal Af rica ................. 1,179 284 278 6 895

Other coun tries:

Australia ..................... 2,006 780 767 13 1,226

All other ..................... 485 323 304 19 162

Total other 

countries.................. 2,491 1,103 1,071 32 1,388

Total foreign 

countries ................. 94,801 58,303 48,515 9,788 36,498

In ter na tional 

 and re gional orgs.:

International .................. - - - - -

European regional ............. 4 - - - 4

Latin American regional ......... - - - - -

Asian regional................. - - - - -

African regional ............... 1 - - - 1

Middle Eastern regional .........

- - - - -

Total international 

and regional ............... 5 - - - 5

Grand total ................ 94,806 58,303 48,515 9,788 36,503

 Fi nan cial claims

Coun try To tal claims To tal De nom i nated in dol lars

De nom i nated in for eign

cur ren cies

 Com mer cial 

claims

 (1) (2) (3) (4) (5) 
88 CAP I TAL MOVE MENTS

United King dom All other Eu rope Ca rib bean bank ing cen ters

Ja pan All other Asia All other coun tries

0

50

100

150

200

250

1997 1998 199 9 2000

J an. - Dec.

20 00

O ct. - De c.

U.S. banks, brokers and other persons 

report foreigners’ transactions in

long-term U.S. securities (that is, U.S. 

Treasury and Government agency

bonds and notes, and U.S. corporate

bonds and stocks), which are

conducted largely through

international financial centers. The

data on this page present aggregate

net purchases on an annual basis for

1997 through 2000, as well as activity 

for the fourth quarter of 2000. The

figures show that foreigners’ annual

net purchases (gross purchases minus

gross sales) of U.S. securities have

maintained an extremely high level

since 1997. 

Annual net foreign purchases of U.S.

securities first surpassed $100 billion

in 1993. In 2000, net foreign 

purchases of U.S. securities set a new

record, surpassing the previous one

set in 1997. For the year, net

purchases amounted to $457 billion,

of which $294 billion was reported

opposite Europe.

Over the past few years, the com po si -

tion of for eign ers’ net pur chases has

changed dra mat i cally. In the

mid-1990s, the ma jor ity of for eign ers’ 

net pur chases con sisted of U.S. Trea -

sury bonds and notes. Since 1997,

how ever, for eign ers in creas ingly have 

turned to other long-term se cu ri ties.

In fact, in 2000, for eign ers pur chased

re cord amounts of cor po rate bonds,

agency bonds and cor po rate stocks.

(In bil lions of dol lars)

Note: To fa cil i tate com par i son of net pur -

chases dur ing 2000 with those in prior years, 

the chart de picts data for all pe ri ods at an

an nu al ized rate.

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Cal en dar years

Coun try 1997 1998 1999

2000 

Jan. - Dec.

2000 

Oct. - Dec.

United Kingdom. ................... 174,918 137,970 129,014 165,219 41,519 

All other Europe.................... 104,375 84,047 71,492 128,436 19,283 

Caribbean banking centers1. .......... 24,999 11,738 43,142 19,882 4,578 

Japan............................ 34,504 20,261 43,366 51,492 21,172 

All other Asia....................... 26,669 11,050 34,168 52,151 11,414 

Subtotal ......................... 365,465 265,066 321,182 417,180 97,966 

All other countries................... 22,514 12,725 28,979 39,663 8,311 

Grand total ...................... 387,979 277,791 350,161 456,843 106,277 

1

 In cludes Ba ha mas, Ber muda, Brit ish West In dies, Neth er lands An til les and Pan ama.

CHART CM-C.—Net Pur chases of Long-Term

Do mes tic Se cu ri ties by For eigners, Se lected Coun tries
CAP I TAL MOVE MENTS 89

TA BLE CM-V-2.—U.S. Trans ac tions with For eigners in Long-Term For eign Se cu ri ties by Type

[In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i d ents or a net out flow of cap i tal from the United States. 

Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] 

1 

Data in clude trans ac tions in di rectly placed is sues abroad by U.S. cor po ra tions and

is sues of States and mu nici pali ties.

SEC TION V.—U.S. In ter na tional Trans ac tions in Long-Term Se cu ri ties

TA BLE CM-V-1.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic Se cu ri ties by Type 

[In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i d ents or a net out flow of cap i tal from the United States. 

Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] 

Mar ket able Trea sury bonds and notes

U.S. Gov ern ment cor po ra -

tions and fed er ally spon -

sored agen cies

Cor po rate and other se cu ri ties

Bonds 1 Stocks

Net for eign

purchases

For eign coun tries

In ter na -

tional

and re -

gional 

Gross

for eign 

purchases 

Gross

for eign

sales 

Cal en dar

 year or month To tal

Of fi cial

in sti tu -

tions 

Other

for eign -

ers 

Net for -

eign 

purchases 

Gross

for eign

pur -

chases 

Gross

for eign

sales 

Net for -

eign 

pur -

chases 

Gross

for eign

pur -

chases 

Gross

for eign

sales 

Net for -

eign

pur -

chases 

Gross

for eign

pur -

chases 

Gross

for eign

sales 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

Net for eign pur -

chases of for -

eign se cu ri ties

from U.S.

For eign bonds For eign stocks

Cal en dar

year or month

Net for eign pur -

chases from

U.S. 

Gross for eign

pur chases from

U.S.

Gross for eign

sales to U.S.

Net for eign pur -

chases from

U.S. 

Gross for eign

pur chases from

U.S.

Gross for eign

sales to U.S.

(1) (2) (3) (4) (5) (6) (7)

1996 ......... 232,241 85,807 148,276 -1,842 3,682,940 3,450,699 41,723 141,121 99,398 83,743 252,832 169,089 12,511 590,714 578,203

1997 ......... 184,171 43,959 139,729 483 4,865,145 4,680,974 49,853 259,296 209,443 84,358 350,873 266,515 69,597 1,097,958 1,028,361

1998 ......... 49,039 4,123 42,447 2,469 5,154,155 5,105,116 56,802 524,384 467,582 121,930 381,262 259,332 50,020 1,573,696 1,523,676

1999 ......... -9,953 -9,861 -657 565 4,288,138 4,298,091 92,200 486,000 393,800 160,392 368,692 208,300 107,522 2,340,659 2,233,137

2000 - Jan. - Dec. p -53,291 -6,302 -46,529 -460 3,894,935 3,948,226 152,841 728,931 576,090 182,403 477,731 295,328 174,890 3,605,196 3,430,306

1999 - Dec. ..... 4,642 4,962 -396 76 244,912 240,270 5,055 25,073 20,018 10,355 31,658 21,303 8,954 256,414 247,460

2000 - Jan. r .... 9,571 6,769 2,846 -44 342,747 333,176 5,664 45,483 39,819 14,513 33,660 19,147 10,581 263,946 253,365

Feb...... 5,563 1,777 3,993 -207 415,262 409,699 13,732 59,708 45,976 15,125 38,604 23,479 27,745 293,110 265,365

Mar...... -16,871 -569 -16,523 221 374,673 391,544 14,744 59,366 44,622 14,795 46,816 32,021 24,232 402,373 378,141

Apr ...... 14,520 6,403 8,081 36 335,420 320,900 9,017 61,185 52,168 8,687 27,370 18,683 3,304 309,778 306,474

May ..... -7,018 -1,405 -5,415 -198 330,828 337,846 13,871 57,950 44,079 7,677 31,810 24,133 6,313 268,500 262,187

June ..... -17,932 -1,412 -16,185 -335 291,954 309,886 6,468 53,147 46,679 25,735 54,173 28,438 17,793 300,356 282,563

July...... -6,061 -639 -5,107 -315 238,934 244,995 10,178 53,485 43,307 10,392 34,095 23,703 15,573 271,572 255,999

Aug...... -114 449 -567 4 261,054 261,168 16,311 61,079 44,768 21,983 46,729 24,746 24,273 286,819 262,546

Sept ..... -8,516 -6,626 -2,115 225 288,657 297,173 16,397 64,605 48,208 13,762 41,779 28,017 8,559 297,677 289,118

Oct ...... -3,038 -7,150 3,927 185 355,252 358,290 18,186 64,319 46,133 13,156 38,709 25,553 16,336 339,995 323,659

Nov. p .... -13,773 -4,967 -8,659 -147 310,825 324,598 18,343 72,605 54,262 18,747 42,081 23,334 9,054 284,909 275,855

Dec. p .... -9,622 1,068 -10,805 115 349,329 358,951 9,930 75,999 66,069 17,831 41,905 24,074 11,127 286,161 275,034

1996................. -110,637 -51,369 1,114,035 1,165,404 -59,268 450,365 509,633

1997................. -89,083 -48,144 1,451,731 1,499,875 -40,939 756,018 796,957

1998................. -11,137 -17,349 1,328,250 1,345,599 6,212 929,569 923,357

1999 ................ 9,964 -5,676 798,267 803,943 15,640 1,177,303 1,161,663

2000 - Jan. - Dec. p ........ -13,367 -3,865 959,416 963,281 -9,502 1,803,084 1,812,586

1999 - Dec ............. 2,365 3,872 52,227 48,355 -1,507 125,953 127,460

2000 - Jan. r ............ -2,415 -3,498 62,186 65,684 1,083 134,494 133,411

Feb. r ............ -10,789 -2,172 74,194 76,366 -8,617 176,332 184,949

Mar. r ............ -12,045 -3,776 84,033 87,809 -8,269 179,305 187,574

Apr. r ............ 817 792 63,921 63,129 25 154,830 154,805

May r ............ 12,718 4,244 79,536 75,292 8,474 146,766 138,292

June r ............ 2,460 5,751 82,953 77,202 -3,291 152,855 156,146

July r ............ -21,458 -6,488 68,425 74,913 -14,970 136,467 151,437

Aug ............. -2,140 -2,812 74,803 77,615 672 142,850 142,178

Sept.............. 10,537 267 92,182 91,915 10,270 148,930 138,660

Oct .............. -437 -3,439 98,523 101,962 3,002 153,024 150,022

Nov. p ............ 13,997 8,434 94,938 86,504 5,563 141,600 136,037

Dec. p ............ -4,612 -1,168 83,722 84,890 -3,444 135,631 139,075
Mar ket able Trea sury 

bonds and notes

U.S. Gov ern ment cor po ra tions

and Fed eral agency bonds Cor po rate bonds Cor po rate stocks

 2000 2000 2000 2000 

Coun try

Cal en dar

year

1999

Jan.

through

Dec.

Oct.

through

Dec. p

Cal en dar 

year

1999 r

Jan.

through

Dec.

Oct.

through

Dec. p

Cal en dar 

year

1999 r 

Jan.

through

Dec.

Oct.

through

Dec. p

Cal en dar 

year

1999

Jan.

through

Dec.

Oct.

through

Dec. p

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

90 CAP I TAL MOVE MENTS

See foot notes at end of ta ble.

TA BLE CM-V-3.—Net For eign Trans ac tions in Long-Term Do mes tic Se cu ri ties 

by Type and Coun try 

[In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i d ents or a net out flow of cap i tal from the United States. 

Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] 

Eu rope:

Austria ......... -1,602 -613 -33 686 813 371 502 360 125 564 1,076 143

Belgium-Luxembourg . -81 73 277 1,383 1,318 38 4,396 9,451 4,218 7,133 18,218 3,899

Bulgaria ........ 21 -10 5 - - - -1 - -1 2 - -1

Czech Republic .... -381 606 363 - 774 729 -16 186 154 5 14 12

Denmark ........ 112 -1,373 -954 337 965 543 47 409 222 1,331 3,162 870

Finland ......... -78 368 294 269 272 -77 -20 341 90 293 836 272

France ......... -3,264 -4,146 -1,467 284 58 320 1,586 2,158 437 3,813 5,727 2,205

Germany ........ 2,285 -7,304 -1,826 2,906 2,489 305 4,817 1,578 587 13,410 31,752 3,148

Greece ......... 782 -371 3 3 133 -101 29 78 32 -90 804 42

Hungary ........ 519 -249 -38 -66 140 -4 9 13 13 17 140 133

Ireland ......... -2,983 1,047 -566 808 1,577 215 3,006 2,352 315 2,125 4,926 798

Italy .......... 2,767 2,069 -59 479 816 9 465 308 33 7,998 12,230 1,701

Netherlands ...... 2,122 2,140 -1,175 2,378 1,365 973 68 -235 333 8,083 4,915 1,879

Norway ........ 605 1,179 528 318 -365 -519 182 120 -262 451 3,018 426

Poland ......... 153 -1,527 -237 359 121 12 25 26 21 -10 38 7

Portugal ........ 1,023 1,568 672 -68 35 33 7 -28 -3 58 96 -15

Romania ........ 407 239 32 65 176 103 - - - 2 1 -1

Russia 1........ 517 379 4 306 41 -14 2 -23 1 13 141 32

Spain ......... -16,658 -802 -2,213 1,902 7,176 593 179 42 12 2,657 4,271 209

Sweden ........ 1,699 1,082 106 267 598 109 308 1,292 352 953 2,489 277

Switzerland ...... -1,761 -10,326 -294 694 1,554 29 3,859 2,279 715 5,650 11,960 -794

Turkey ......... -829 1,104 -385 12 1,216 6 -444 -721 -1 42 65 -7

United Kingdom .... -20,232 -33,669 -14,027 14,040 30,185 11,235 92,304 109,967 27,045 42,902 58,736 17,266

Yugoslavia 2...... -10 - - -5 - - - 32 - 7 -5 -

Other Europe .....

-3,361 -2,169 -559 1,376 1,278 302 631 -3,014 399 651 44 -197

Total Europe .....

-38,228 -50,705 -21,549 28,733 52,735 15,210 111,941 126,971 34,837 98,060 164,654 32,304

Canada ......... 7,348 192 -2,005 2,424 10,111 1,676 3,619 3,176 814 -335 5,956 3,139

Latin Amer ica 

and Ca rib bean:

Argentina ....... -455 -3,374 -239 313 899 148 294 725 155 489 746 116

Bahamas ....... 603 353 790 1,549 -4 -107 984 640 244 -21 -1,335 -1,840

Bermuda ........ 3,985 -7,351 -3,427 11,868 6,131 430 15,116 10,881 1,697 -1,459 -10,052 -3,672

Brazil.......... 2,149 846 1,121 61 903 60 100 -79 -18 -187 136 -90

British West Indies... -6,992 -3,386 2,911 9,889 11,439 4,905 9,023 12,972 4,316 8,248 -970 -4,617

Chile.......... 18 68 -87 373 147 16 557 -114 16 178 325 50

Colombia ....... -672 842 537 242 -92 16 199 549 59 125 210 75

Cuba.......... - - - -1 - - - - - - - -

Ecuador ........ -755 -727 -1 119 40 3 32 79 27 59 48 9

Guatemala....... 12 - -9 26 16 3 32 33 2 16 30 3

Jamaica ........ 11 7 5 55 -7 31 1 37 - 27 35 12

Mexico ......... 3,116 2,425 -1,343 544 2,838 925 1,617 1,090 336 85 394 196

Netherlands Antilles. . -9,546 5,379 2,486 377 1,782 532 847 846 203 -3,547 -8,617 -300

Panama ........ 204 -57 -35 429 484 101 1,049 379 19 536 368 -78

Peru .......... -1 -18 - 408 486 125 20 22 2 11 46 7

Trinidad and Tobago . -8 -20 -3 30 16 4 1 14 10 5 21 9

Uruguay ........ -163 -345 56 128 192 49 154 229 22 158 243 71

Venezuela ....... 362 1,288 703 494 2,152 788 370 298 46 274 301 -164

Other Latin America 

and Caribbean....

609 -844 -254 717 2,371 486 766 1,049 93 190 259 75

Total Latin America 

and Caribbean ...

-7,523 -4,914 3,211 27,621 29,793 8,515 31,162 29,650 7,229 5,187 -17,812 -10,138
CAP I TAL MOVE MENTS 91

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for m er

U.S.S.R. are re ported un der “Other Eu rope.”

2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de -

pend ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning

in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June

1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab

Emirates (Trucial States). 

4 For merly known as Zaire.

5 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

TA BLE CM-V-3.—Net For eign Trans ac tions in Long-Term Do mes tic Se cu ri ties

by Type and Coun try, con.

[In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i d ents or a net out flow of cap i tal from the United States. 

Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] 

Asia:

China:

Mainland ...... 8,190 -3,971 -2,579 8,343 18,819 6,390 520 808 158 204 -103 1

Taiwan ....... -2,076 -10,089 -4,278 1,313 3,877 1,706 280 972 415 37 -147 -82

Hong Kong...... 935 -341 1,297 5,265 8,669 1,358 644 1,853 800 -156 215 -131

India ......... 816 1,409 380 - 119 122 78 28 3 -7 -6 -24

Indonesia ...... 1,895 227 -687 20 8 - -19 15 11 143 158 5

Israel......... -809 671 624 350 772 147 375 542 141 -792 -1,102 -124

Japan ........ 20,102 10,580 2,198 11,639 23,802 10,586 5,902 15,040 3,471 5,723 2,070 4,917

Korea ........ 8,625 4,827 1,838 2,596 1,807 -667 52 -795 -19 -78 -160 -16

Lebanon ....... 5 -174 -1 3 1 - 14 1 -2 131 249 54

Malaysia ....... -257 -219 -307 - 25 9 13 106 -5 -14 3 10

Pakistan ....... 2 -2 -1 - 1 - - 1 - 24 45 6

Philippines ...... 604 722 64 285 -67 -109 35 213 121 40 17 -25

Singapore ...... -12,538 -6,167 -3,659 1,502 317 883 3,619 1,276 92 -852 10,788 5,779

Syria......... - - - - 1 - - 1 - 21 28 2

Thailand ....... 1,756 1,202 407 35 -16 2 45 51 25 32 -58 -5

Oil-exporting

countries 3 ..... 2,207 3,482 -1,564 2,181 477 434 -202 1,565 1,026 -1,066 9,189 1,371

Other Asia ...... -98 -519 -167 74 15 -52 -166 18 3 -11 497 234

Total Asia .....

29,359 1,638 -6,435 33,606 58,627 20,809 11,190 21,695 6,240 3,379 21,683 11,972

Af rica:

Congo 4 ....... - - - - - - - -2 - -1 -9 -

Egypt......... -2,332 -324 2 48 11 14 85 -14 -10 -98 -40 2

Ghana ........ - - - - - - - - - - - -

Liberia ........ -512 323 -17 591 772 5 585 17 20 16 -20 -4

Morocco ....... 91 -230 -60 1 4 - - -2 - -6 -6 -1

South Africa ..... 41 -35 -15 17 -53 4 3 -37 -14 70 271 5

Oil-exporting

countries 5..... - - - 8 -2 - - 3 - 71 63 10

Other Africa ..... -309 -148 24 88 176 108 -15 65 32 320 156 -4

Total Africa.....

-3,021 -414 -66 753 908 131 658 30 28 372 415 8

Other coun tries:

Australia ....... 1,594 1,435 290 -111 495 157 1,333 169 173 866 1,437 258

All other ....... -47 -63 -32 34 216 148 31 738 372 49 -1,432 -992

Total other 

countries.....

1,547 1,372 258 -77 711 305 1,364 907 545 915 5 -734

Total foreign 

countries ....

-10,518 -52,831 -26,586 93,060 152,885 46,646 159,934 182,429 49,693 107,578 174,901 36,551

In ter na tional 

and re gional orgs.:

International ..... 190 -483 -83 -5 -45 -186 441 -5 58 -3 -47 -20

European regional . . -30 -122 -2 - -5 - -10 -46 -46 - - -

Latin American 

regional ...... 666 76 33 -1,008 9 -1 27 -5 -1 -71 100 -14

Asian regional .... -260 63 203 98 2 - - - - 14 2 -1

African regional ... -19 2 2 55 - - - 30 30 - -2 -

Middle Eastern 

regional ......

18 4 - - -5 - - - - 4 -64 1

Total international 

and regional ... 565 -460 153 -860 -44 -187 458 -26 41 -56 -11 -34

Grand total .... -9,953 -53,291 -26,433 92,200 152,841 46,459 160,392 182,403 49,734 107,522 174,890 36,517

Mar ket able Trea sury 

bonds and notes

U.S. Gov ern ment cor po ra tions

and Fed eral agency bonds Cor po rate bonds Cor po rate stocks

 2000 2000 2000 2000

Coun try

Cal en dar 

year

1999 

Jan.

through

Dec.

Oct.

through

Dec. p

Cal en dar 

year

1999 r 

Jan.

through

Dec. 

Oct.

through

Dec. p

Cal en dar 

year

1999 r 

Jan.

through

Dec.

Oct.

through 

Dec. p

Cal en dar 

year

1999 

Jan.

through

Dec.

Oct.

through

Dec. p

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
92 CAP I TAL MOVE MENTS

See foot notes at end of ta ble.

TA BLE CM-V-4.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic

and For eign Se cu ri ties, by Type and Coun try, Dur ing Fourth Quar ter 2000, Pre lim i nary

 [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting System]

Gross pur chases by for eign ers from U.S. resi dents Gross sales by for eign ers to U.S. resi dents

To tal

pur -

chases 

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

To tal

sales

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

Mar ket -

able

Treas ury 

and

Fed eral

Fi nanc -

ing Bank 

bonds

and

notes 

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agencies

Cor po rate and

other

Bonds Stocks

Mar ket -

able

Treas ury 

and

Fed eral

Fi nanc -

ing Bank 

bonds

and

notes

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agencies

Cor po rate and

other

Country Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

Eu rope:

Austria ........ 5,375 2,149 747 153 1,493 187 646 4,758 2,182 376 28 1,350 161 661

BelgiumLuxembourg ..... 38,736 5,147 2,563 5,810 18,947 1,672 4,597 28,629 4,870 2,525 1,592 15,048 989 3,605

Bulgaria ........ 36 5 - - 2 29 - 32 - - 1 3 15 13

Czech Republic .... 3,102 985 769 154 33 46 1,115 1,544 622 40 - 21 29 832

Denmark ....... 8,850 2,732 1,429 441 2,420 416 1,412 7,802 3,686 886 219 1,550 230 1,231

Finland ........ 5,450 1,471 338 99 547 34 2,961 5,121 1,177 415 9 275 5 3,240

France ........ 98,086 33,317 980 1,859 47,271 2,192 12,467 94,262 34,784 660 1,422 45,066 2,014 10,316

Germany ....... 85,157 32,947 2,556 1,896 26,752 2,924 18,082 80,644 34,773 2,251 1,309 23,604 2,324 16,383

Greece ........ 2,047 1,045 91 32 645 17 217 2,012 1,042 192 - 603 36 139

Hungary ........ 491 144 71 13 142 4 117 346 182 75 - 9 - 80

Ireland ......... 94,008 55,975 6,859 1,539 10,587 10,223 8,825 91,102 56,541 6,644 1,224 9,789 8,457 8,447

Italy .......... 43,959 11,201 982 488 23,278 1,708 6,302 41,605 11,260 973 455 21,577 1,339 6,001

Netherlands...... 41,935 12,172 2,494 983 14,846 2,263 9,177 41,575 13,347 1,521 650 12,967 2,670 10,420

Norway ........ 28,606 18,572 5,895 46 1,716 1,225 1,152 27,271 18,044 6,414 308 1,290 334 881

Poland ........ 1,703 1,312 137 21 26 139 68 1,868 1,549 125 - 19 79 96

Portugal ........ 3,445 2,186 49 20 771 87 332 2,647 1,514 16 23 786 71 237

Romania ....... 569 249 306 - 5 - 9 447 217 203 - 6 - 21

Russia 1 ........ 10,228 740 9,249 1 139 21 78 10,205 736 9,263 - 107 28 71

Spain ......... 14,742 4,556 787 121 3,551 1,461 4,266 15,024 6,769 194 109 3,342 1,431 3,179

Sweden ........ 18,447 6,275 508 599 7,118 214 3,733 16,505 6,169 399 247 6,841 215 2,634

Switzerland ...... 53,197 3,672 1,783 1,563 32,971 1,081 12,127 57,074 3,966 1,754 848 33,765 929 15,812

Turkey ......... 17,295 901 6 - 105 15,543 740 18,380 1,286 - 1 112 16,034 947

United Kingdom .... 988,990 375,343 48,381 62,795 206,303 133,539 162,629 955,618 389,370 37,146 35,750 189,037 140,842 163,473

Yugoslavia 2...... - - - - - - - - - - - - - -

Other Europe ..... 8,213 3,581 769 985 2,078 316 484 8,554 4,140 467 586 2,275 553 533

Total Europe ....

1,572,667 576,677 87,749 79,618 401,746 175,341 251,536 1,513,025 598,226 72,539 44,781 369,442 178,785 249,252

Canada .........

172,819 95,104 2,780 2,728 37,943 11,674 22,590 168,197 97,109 1,104 1,914 34,804 11,301 21,965

Latin Amer ica 

and Ca rib bean:

Argentina ....... 9,730 133 267 281 1,167 7,041 841 9,106 372 119 126 1,051 6,566 872

Bahamas ....... 40,003 15,551 865 1,255 13,459 4,042 4,831 41,371 14,761 972 1,011 15,299 3,700 5,628

Bermuda ....... 230,844 41,192 12,459 7,383 135,127 21,235 13,448 235,036 44,619 12,029 5,686 138,799 20,732 13,171

Brazil ......... 11,309 2,180 435 90 556 5,101 2,947 10,406 1,059 375 108 646 5,063 3,155

British West Indies . . 394,697 77,917 46,504 17,732 206,055 17,224 29,265 388,893 75,006 41,599 13,416 210,672 16,250 31,950

Chile ......... 2,054 465 70 110 692 444 273 2,002 552 54 94 642 319 341

Colombia ....... 2,677 1,493 238 247 389 282 28 1,857 956 222 188 314 159 18

Cuba ......... - - - - - - - - - - - - - -

Ecuador ........ 218 3 33 35 132 12 3 177 4 30 8 123 10 2

Guatemala ...... 144 9 3 29 85 7 11 142 18 - 27 82 3 12

Jamaica ........ 273 121 41 - 46 63 2 191 116 10 - 34 28 3

Mexico ........ 16,274 8,516 1,064 493 1,465 1,380 3,356 14,400 9,859 139 157 1,269 787 2,189

Netherlands Antilles. . 51,941 8,385 2,784 1,060 31,210 3,139 5,363 49,794 5,899 2,252 857 31,510 3,248 6,028

Panama ........ 2,526 95 205 139 1,557 343 187 2,472 130 104 120 1,635 272 211

Peru.......... 501 - 216 3 80 63 139 281 - 91 1 73 38 78

Trinidad and Tobago . 128 39 4 10 64 1 10 105 42 - - 55 2 6

Uruguay ........ 1,245 299 90 41 416 364 35 1,029 243 41 19 345 354 27

Venezuela....... 3,268 1,082 829 87 888 299 83 1,763 379 41 41 1,052 178 72

Other Latin America 

and Caribbean ... 4,113 658 845 195 1,982 163 270 3,768 912 359 102 1,907 166 322

Total Latin America 

and Caribbean... 771,945 158,138 66,952 29,190 395,370 61,203 61,092 762,793 154,927 58,437 21,961 405,508 57,875 64,085
CAP I TAL MOVE MENTS 93

Asia:

China:

Mainland ...... 15,975 6,094 8,417 264 813 188 199 11,937 8,673 2,027 106 812 96 223

Taiwan ....... 10,020 2,042 2,111 429 2,522 345 2,571 12,600 6,320 405 14 2,604 237 3,020

Hong Kong ...... 45,738 14,331 3,169 971 4,441 2,200 20,626 40,987 13,034 1,811 171 4,572 2,095 19,304

India.......... 2,226 1,408 122 3 244 7 442 2,007 1,028 - - 268 22 689

Indonesia ....... 1,231 741 - 11 162 130 187 1,732 1,428 - - 157 36 111

Israel ......... 6,366 2,060 230 223 2,247 95 1,511 5,695 1,436 83 82 2,371 213 1,510

Japan ......... 252,055 109,146 33,306 5,626 33,174 19,366 51,437 228,249 106,948 22,720 2,155 28,257 18,353 49,816

Korea ......... 23,310 18,400 1,555 7 157 894 2,297 21,600 16,562 2,222 26 173 302 2,315

Lebanon........ 803 - - 1 700 66 36 686 1 - 3 646 2 34

Malaysia ....... 634 10 9 1 104 28 482 836 317 - 6 94 79 340

Pakistan........ 125 - - - 120 - 5 122 1 - - 114 - 7

Philippines ...... 1,108 291 101 126 187 216 187 921 227 210 5 212 23 244

Singapore ....... 38,481 11,858 2,802 1,135 12,787 3,030 6,869 32,515 15,517 1,919 1,043 7,008 2,155 4,873

Syria ......... 25 - - - 25 - - 23 - - - 23 - -

Thailand........ 1,999 1,759 2 27 55 80 76 1,576 1,352 - 2 60 78 84

Other Asia....... 21,204 5,594 1,175 1,313 12,159 342 621 19,767 7,325 793 284 10,554 150 661

Total Asia ......

421,300 173,734 52,999 10,137 69,897 26,987 87,546 381,253 180,169 32,190 3,897 57,925 23,841 83,231

Af rica:

Congo 3 ........ 14 - - - - - 14 4 - - - - - 4

Egypt ......... 207 5 18 12 153 4 15 207 3 4 22 151 5 22

Ghana ......... - - - - - - - - - - - - - -

Liberia ......... 234 6 12 36 163 3 14 242 23 7 16 167 5 24

Morocco........ 16 1 - - 14 - 1 77 61 - - 15 - 1

South Africa ...... 584 39 4 31 194 9 307 525 54 - 45 189 2 235

Other Africa ...... 1,267 93 237 35 538 228 136 1,189 69 129 3 532 245 211

Total Africa ..... 2,322 144 271 114 1,062 244 487 2,244 210 140 86 1,054 257 497

Other coun tries:

Australia ........ 23,398 10,553 1,294 363 4,164 1,437 5,587 21,183 10,263 1,137 190 3,906 706 4,981

All other ........ 2,177 316 377 420 550 244 270 2,668 348 229 48 1,542 161 340

Total other 

countries...... 25,575 10,869 1,671 783 4,714 1,681 5,857 23,851 10,611 1,366 238 5,448 867 5,321

Total foreign 

countries..... 2,966,628 1,014,666 212,422 122,570 910,732 277,130 429,108 2,851,363 1,041,252 165,776 72,877 874,181 272,926 424,351

In ter na tional and

re gional orgs.:

International...... 1,217 403 492 75 189 9 49 1,880 486 678 17 209 419 71

European regional . . 1,101 - - 2 1 41 1,057 737 2 - 48 1 5 681

Latin American 

regional ....... 220 51 9 18 114 - 28 195 18 10 19 128 - 20

Asian regional ..... 312 284 - - 13 3 12 111 81 - - 14 6 10

African regional .... 32 2 - 30 - - - - - - - - - -

Middle Eastern 

regional ....... 17 - - - 16 - 1 16 - - - 15 - 1

Total international 

and regional....

2,899 740 501 125 333 53 1,147 2,939 587 688 84 367 430 783

Grand total .... 2,969,527 1,015,406 212,923 122,695 911,065 277,183 430,255 2,854,302 1,041,839 166,464 72,961 874,548 273,356 425,134

TA BLE CM-V-4.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic 

and For eign Se cu ri ties, by Type and Coun try, Dur ing Fourth Quar ter 2000, Pre lim i nary, con.

 [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Gross pur chases by for eign ers from U.S. resi dents Gross sales by for eign ers to U.S. resi dents

To tal

pur -

chases 

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

To tal

sales

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

Mar ket -

able

Treas ury 

and 

Fed eral

Fi nanc -

ing Bank 

bonds

and

notes 

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agen cies

Cor po rate and

other

Bonds Stocks

Mar ket -

able

Treas ury 

and 

Fed eral

Fi nanc -

ing Bank 

bonds

and

notes 

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agen cies

Cor po rate and

other

Country Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for m er

U.S.S.R. are re ported un der “Other Eu rope.”

2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June

1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3 For merly known as Zaire.
94 CAP I TAL MOVE MENTS

TA BLE CM-V-5.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic

 and For eign Se cu ri ties, by Type and Coun try, Dur ing Cal en dar Year 2000 

 [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria ...... 23,562 9,868 3,211 531 6,632 832 2,488 21,278 10,481 2,398 171 5,556 653 2,019

BelgiumLuxembourg. . 142,640 19,686 8,563 15,125 77,185 5,673 16,408 109,097 19,613 7,245 5,674 58,967 4,221 13,377

Bulgaria ..... 132 23 - 1 40 64 4 131 33 - 1 40 34 23

Czech Republic . 8,521 5,127 814 186 124 147 2,123 7,360 4,521 40 - 110 133 2,556

Denmark..... 30,714 10,810 3,235 1,339 9,799 1,407 4,124 27,595 12,183 2,270 930 6,637 940 4,635

Finland ..... 26,675 7,771 1,324 410 2,243 118 14,809 23,472 7,403 1,052 69 1,407 72 13,469

France ...... 423,454 162,996 3,748 7,229 194,423 8,082 46,976 419,231 167,142 3,690 5,071 188,696 9,525 45,107

Germany .... 319,792 95,317 7,656 7,395 122,398 8,921 78,105 290,546 102,621 5,167 5,817 90,646 16,760 69,535

Greece ..... 8,252 3,149 330 98 3,498 123 1,054 7,624 3,520 197 20 2,694 239 954

Hungary ..... 2,716 1,765 364 13 206 14 354 2,607 2,014 224 - 66 31 272

Ireland ...... 277,778 166,220 14,857 5,738 39,391 21,014 30,558 263,613 165,173 13,280 3,386 34,465 16,347 30,962

Italy ....... 199,386 60,593 4,917 2,315 93,298 4,020 34,243 181,529 58,524 4,101 2,007 81,068 3,638 32,191

Netherlands ... 171,591 49,307 8,282 4,023 61,743 9,690 38,546 168,564 47,167 6,917 4,258 56,828 12,413 40,981

Norway ..... 82,698 56,504 12,067 1,224 7,824 2,166 2,913 77,709 55,325 12,432 1,104 4,806 1,221 2,821

Poland ...... 4,956 3,790 357 26 192 216 375 6,248 5,317 236 - 154 210 331

Portugal ..... 12,118 6,533 198 79 3,225 315 1,768 10,030 4,965 163 107 3,129 258 1,408

Romania..... 2,437 975 1,356 - 55 - 51 2,018 736 1,180 - 54 - 48

Russia1 ..... 17,342 3,438 12,650 4 694 221 335 16,887 3,059 12,609 27 553 226 413

Spain ...... 85,743 36,399 7,750 673 17,695 4,367 18,859 72,869 37,201 574 631 13,424 3,876 17,163

Sweden ..... 68,709 23,373 1,824 2,323 24,385 1,643 15,161 61,248 22,291 1,226 1,031 21,896 1,355 13,449

Switzerland ... 231,634 17,344 8,268 5,519 151,784 5,305 43,414 233,041 27,670 6,714 3,240 139,824 4,391 51,202

Turkey ...... 43,611 4,593 1,216 77 725 32,708 4,292 43,404 3,489 - 798 660 32,896 5,561

United Kingdom . 3,923,631 1,589,020 171,218 253,657 734,261 499,333 676,142 3,788,339 1,622,689 141,033 143,690 675,525 531,197 674,205

Yugoslavia 2 ... 71 - - 32 16 6 17 68 - - - 21 - 47

Other Europe . .

35,144 15,712 2,978 2,237 9,282 1,476 3,459 38,970 17,881 1,700 5,251 9,238 1,392 3,508

Total Europe. . 6,143,307 2,350,313 277,183 310,254 1,561,118 607,861 1,036,578 5,873,478 2,401,018 224,448 183,283 1,396,464 642,0281,026,237

Canada ......

583,762 270,458 16,351 13,093 156,702 45,642 81,516 568,219 270,266 6,240 9,917 150,746 40,705 90,345

Latin Amer ica

 and Ca rib bean:

Argentina .... 43,997 1,085 1,396 2,071 5,475 29,221 4,749 43,343 4,459 497 1,346 4,729 27,720 4,592

Bahamas .... 145,890 52,185 3,950 6,955 51,101 11,122 20,577 148,112 51,832 3,954 6,315 52,436 10,590 22,985

Bermuda..... 914,326 138,101 56,096 31,353 553,446 84,628 50,702 915,566 145,452 49,965 20,472 563,498 82,342 53,837

Brazil ...... 50,587 6,206 1,581 638 3,331 21,029 17,802 51,789 5,360 678 717 3,195 21,853 19,986

British 

West Indies . . 1,448,151 267,607 160,684 59,842 806,954 48,493 104,571 1,432,045 270,993 149,245 46,870 807,924 44,220 112,793

Chile....... 9,150 1,813 277 746 3,208 1,785 1,321 8,821 1,745 130 860 2,883 1,366 1,837

Colombia .... 9,133 4,486 694 1,008 1,633 1,131 181 7,379 3,644 786 459 1,423 939 128

Cuba....... 2 - - - 2 - - 2 - - - 2 - -

Ecuador ..... 1,088 16 123 115 758 44 32 1,627 743 83 36 710 38 17

Guatemala.... 747 22 19 93 503 34 76 634 22 3 60 473 22 54

Jamaica ..... 765 164 54 38 233 247 29 510 157 61 1 198 78 15

Mexico ...... 60,895 27,204 3,437 2,465 6,999 8,443 12,347 51,454 24,779 599 1,375 6,605 7,542 10,554

Netherlands 

Antilles..... 279,646 78,417 13,884 5,565 140,321 11,570 29,889 291,709 73,038 12,102 4,719 148,938 11,635 41,277

Panama ..... 12,916 306 836 881 8,378 1,306 1,209 11,267 363 352 502 8,010 930 1,110

Peru ....... 2,044 4 628 30 505 321 556 1,224 22 142 8 459 196 397

Trinidad and 

Tobago .... 423 86 16 18 216 54 33 338 106 - 4 195 5 28

Uruguay ..... 5,596 701 359 330 2,019 1,885 302 5,186 1,046 167 101 1,776 1,734 362

Venezuela .... 12,204 1,956 2,322 458 4,450 1,518 1,500 7,527 668 170 160 4,149 1,082 1,298

Other Latin 

America and 

Caribbean . . 17,090 3,554 3,169 1,465 6,693 1,152 1,057 14,446 4,398 798 416 6,434 1,115 1,285

Total Latin 

America and 

Caribbean .

3,014,650 583,913 249,525 114,071 1,596,225 223,983 246,933 2,992,979 588,827 219,732 84,421 1,614,037 213,407 272,555

Gross pur chases by for eign ers from U.S. resi dents Gross sales by for eign ers to U.S. resi dents

To tal

pur -

chases

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

To tal 

sales

Do mes tic se cu ri ties 

For eign se cu ri ties

Bonds Stocks

Mar ketable 

Treas ury

and

Federal 

Financing Bank

bonds 

and

 notes

Bonds of

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agencies

Cor po rate and

other

Bonds Stocks

Mar ket -

able

Treas -

ury and

Fed eral

Fi nanc -

ing Bank 

bonds

and

notes 

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agencies

Cor po rate and

other

Coun try Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
CAP I TAL MOVE MENTS 95

TA BLE CM-V-5.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic 

and For eign Se cu ri ties, by Type and Coun try, Dur ing Cal en dar Year 2000, con. 

 [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

1

 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for m er

U.S.S.R. are re ported un der “Other Eu rope.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June

1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 For merly known as Zaire.

Asia:

China:

Mainland .... 91,654 57,944 26,490 1,162 2,836 2,258 964 74,529 61,915 7,671 354 2,939 450 1,200

Taiwan ..... 37,120 7,289 4,794 1,026 11,081 3,166 9,764 40,502 17,378 917 54 11,228 404 10,521

Hong Kong .... 176,585 49,480 15,910 2,555 19,399 6,699 82,542 168,210 49,821 7,241 702 19,184 5,715 85,547

India ....... 9,527 5,414 124 28 1,357 44 2,560 8,314 4,005 5 - 1,363 57 2,884

Indonesia ..... 4,774 2,535 13 33 978 215 1,000 4,077 2,308 5 18 820 197 729

Israel ....... 32,441 12,629 1,000 773 11,206 548 6,285 33,774 11,958 228 231 12,308 714 8,335

Japan ...... 894,387 349,370 104,216 21,775 116,968 42,754 259,304 820,985 338,790 80,414 6,735 114,898 38,244 241,904

Korea....... 51,634 33,809 5,863 100 734 2,064 9,064 46,607 28,982 4,056 895 894 699 11,081

Lebanon ..... 3,728 4 1 12 3,246 263 202 3,442 178 - 11 2,997 53 203

Malaysia ..... 3,382 582 32 120 593 235 1,820 3,294 801 7 14 590 308 1,574

Pakistan ..... 678 - 1 1 629 3 44 683 2 - - 584 11 86

Philippines .... 6,216 3,169 248 313 1,162 584 740 4,923 2,447 315 100 1,145 161 755

Singapore .... 156,473 64,602 9,110 5,847 39,151 11,197 26,566 146,172 70,769 8,793 4,571 28,363 10,302 23,374

Syria ....... 225 - 1 1 205 5 13 219 - - - 177 - 42

Thailand ..... 9,292 8,006 11 65 410 275 525 7,998 6,804 27 14 468 180 505

Other Asia .... 117,155 42,487 10,605 3,558 55,359 1,172 3,974 101,966 39,524 10,113 1,975 45,673 696 3,985

Total Asia ...

1,595,271 637,320 178,419 37,369 265,314 71,482 405,367 1,465,695 635,682 119,792 15,674 243,631 58,191 392,725

Af rica:

Congo 3 ..... 36 - - - 8 - 28 38 - - 2 17 - 19

Egypt....... 2,466 1,110 69 58 927 44 258 2,782 1,434 58 72 967 38 213

Ghana ...... 9 - - - 5 - 4 5 - - - 5 - -

Liberia ...... 3,135 857 1,111 211 825 22 109 2,089 534 339 194 845 69 108

Morocco ..... 216 118 7 - 80 1 10 477 348 3 2 86 11 27

South Africa ... 4,294 741 12 122 1,229 58 2,132 3,280 776 65 159 958 15 1,307

Other Africa ... 6,049 469 550 109 3,006 764 1,151 5,652 617 376 41 2,787 691 1,140

Total Africa . . 16,205 3,295 1,749 500 6,080 889 3,692 14,323 3,709 841 470 5,665 824 2,814

Other coun tries:

Australia ..... 93,286 43,190 3,957 1,172 15,197 6,527 23,243 87,394 41,755 3,462 1,003 13,760 4,881 22,533

All other 

countries .... 10,671 1,590 957 950 2,984 2,512 1,678 11,198 1,653 741 212 4,416 2,411 1,765

Total other 

countries ...

103,957 44,780 4,914 2,122 18,181 9,039 24,921 98,592 43,408 4,203 1,215 18,176 7,292 24,298

Total foreign 

countries . . 11,457,152 3,890,079 728,141 477,409 3,603,620 958,8961,799,007 11,013,286 3,942,910 575,256 294,980 3,428,719 962,447 1,808,974

In ter na tional and 

re gional orgs.:

International ... 5,688 3,160 694 231 717 259 627 6,722 3,643 739 236 764 540 800

European 

regional ..... 3,792 152 52 2 1 231 3,354 3,401 274 57 48 1 287 2,734

Latin American 

regional ..... 945 158 42 58 623 6 58 748 82 33 63 523 - 47

Asian regional . . 1,470 1,375 2 1 40 23 29 1,387 1,312 - 1 38 7 29

African regional . 32 2 - 30 - - - 2 - - - 2 - -

Middle Eastern 

regional ..... 214 9 - - 195 1 9 271 5 5 - 259 - 2

Total international and 

regional....

12,141 4,856 790 322 1,576 520 4,077 12,531 5,316 834 348 1,587 834 3,612

Grand total . . 11,469,293 3,894,935 728,931 477,731 3,605,196 959,4161,803,084 11,025,817 3,948,226 576,090 295,328 3,430,306 963,281 1,812,586

Gross pur chases by for eign ers from U.S. resi dents Gross sales by for eign ers to U.S. res i dents 

To tal

purchases

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

To tal

sales

Do mes tic se cu ri ties 

For eign se cu ri ties

Bonds Stocks

Mar ketable 

Treas ury

and 

Fed eral

Financing Bank

bonds

and

 notes

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agen cies

Cor po rate and

other

Bonds Stocks

Mar ket -

able

Treas ury 

and

Fed eral

Fi nanc -

ing Bank 

bonds

and

notes 

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agen cies

Cor po rate and

other

Country Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
-50

0

50

100

150

1 996 1997 19 98 1 999 20 00

J an.-Dec.

2 000

Oct .-Dec .

96 CAP I TAL MOVE MENTS

CHART CM-D.—Net Pur chases of Long-Term

For eign Se cu ri ties by U.S. In ves tors *

(In bil lions of dol lars)

The data on this page represent

U.S. investors’ purchases and sales 

of long-term foreign securities as

reported to the Treasury

International Capital (TIC)

reporting system. However, in the

past 2 years, U.S. investors also

have acquired a substantial amount 

of foreign stocks, mostly

European, through mergers that

involve stock swaps. Net

acquisitions through stock swaps

amounted to $96 billion in 1998,

$123 billion in 1999, and $84

billion in 2000. (Stock swaps data

for the most recent quarter are

Federal Reserve Board/Treasury

estimates and are subject to

substantial revisions.) These stock

swaps are not reported under the

TIC reporting system.

Taking into ac count the stock

swaps, an nual U.S. net pur chases

of long-term for eign se cu ri ties

have av er aged about $100 bil lion

since the mid-1990s, with out much 

vari a tion from year to year. In

1999, net stock pur chases, in clud -

ing the stock swaps, to taled $107

bil lion, mostly through Eu rope and 

Ja pan. Net bond pur chases to taled

$6 bil lion, far be low the lev els of

the mid-1990s. In 2000, tak ing

into ac count the es ti mated $84 bil -

lion in for eign stocks ac quired

through merg ers, U.S. res i dents

ac quired ap prox i mately $94 bil lion 

in for eign stocks, sim i lar to the

amounts of pre vi ous years. As in

1999, pur chases of for eign bonds

were quite low, to tal ing only $4

bil lion.

For eign bonds For eign stocks To tal for eign se cu ri ties

Note: To fa cil i tate com par i son of net pur chases dur ing 2000 with those in prior years, the chart

de picts data for all pe ri ods at an an nu al ized rate.

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting System]

 Cal en dar years

 

Type 1996 1997 1998 1999

 2000

Jan. - Dec.

 2000

 Oct. - Dec.

Foreign bonds ..... 51,369 48,144 17,349 5,676 3,865 -3,827

Foreign stocks ..... 59,268 40,939 -6,212 -15,640 9,502 -5,121

Total ......... 110,637 89,083 11,137 -9,964 13,367 -8,948

*Net pur chases by U.S. in ves tors equal net sales by for eign ers,or gross sales mi nus gross pur chases of se cu ri ties.
FOR EIGN CUR RENCY PO SI TIONS 97

IN TRO DUC TION: For eign Cur rency Po si tions

The “Trea sury Bul le tin” re ports for eign cur rency hold ings

of large for eign ex change mar ket par tic i pants. These re ports

pro vide in for ma tion on po si tions in de riv a tive in stru ments,

such as for eign ex change fu tures and op tions, that are in creas -

ingly used in es tab lish ing for eign ex change po si tions but were 

not cov ered in the old re ports.

The in for ma tion is based on re ports of large for eign ex -

change mar ket par tic i pants on hold ings of six ma jor for eign

cur ren cies (Ca na dian dol lar, Ger man mark, Jap a nese yen,

Swiss franc, pound ster ling and euro) and the U.S. dol lar.

Positions in the U.S. dol lar, which have been col lected since

Jan u ary 1999, are in tended to ap prox i mate "all other" cur -

rency po si tions of re port ing in sti tu tions. U.S.-based busi -

nesses file a con sol i dated re port for their do mes tic and for eign

sub sid iar ies, branches and agen cies. U.S. sub sid iar ies of for -

eign en ti ties file only for them selves, not for their for eign par -

ents. Fil ing is re quired by law (31 United States Code 5315; 31 

Code of Fed eral Reg u la tions 128, Subpart C).

Weekly and monthly re ports must be filed through out the

cal en dar year by ma jor for eign ex change mar ket par tic i pants,

which are de fined as mar ket par tic i pants with more than $50

bil lion equiv a lent in for eign ex change con tracts on the last

busi ness day of any cal en dar quar ter dur ing the pre vi ous year

(end March, June, Sep tem ber or De cem ber). Such con tracts

in clude the amounts of for eign ex change spot con tracts

bought and sold, for eign ex change for ward con tracts bought

and sold, for eign ex change fu tures bought and sold, and one

half the no tional amount of for eign ex change op tions bought

and sold. 

A quar terly re port must be filed through out the cal en dar

year by each for eign ex change market par tic i pant that had

more than $5 bil lion equiv a lent in for eign ex change con tracts

on the last busi ness day of any quar ter the pre vi ous year (end

March, June, Sep tem ber or De cem ber).

This in for ma tion is pub lished in seven sec tions cor re spond -

ing to each of the ma jor cur ren cies cov ered by the re ports. Ta -

bles I-1 through VII-1 pres ent the cur rency data re ported

weekly by ma jor market par tic i pants. Ta bles I-2 through

VII-2 pres ent more de tailed cur rency data of ma jor market

par tic i pants, based on monthly Trea sury and FFIEC 035 re -

ports. Ta bles I-3 through VII-3 pres ent quar terly con sol i dated

cur rency data re ported by large market par tic i pants and

FFIEC re port ers that do not file weekly re ports. 

Prin ci pal ex changed un der cross-currency in ter est rate

swaps is re ported as part of pur chases or sales of for eign ex -

change. Such prin ci pal also was noted sep a rately on monthly

and quar terly re ports through De cem ber 1998, when this prac -

tice was dis con tin ued. The net op tions po si tion, or the net

delta-equivalent value of an op tions po si tion, is an es ti mate of

the re la tion ship be tween an op tion’s value and an equiv a lent

cur rency hedge. The delta equiv a lent value is de fined as the

prod uct of the first par tial de riv a tive of an op tion val u a tion

for mula (with re spect to the price of the un der ly ing cur rency)

mul ti plied by the no tional prin ci pal of the con tract. 
98 FOR EIGN CUR RENCY PO SI TIONS

SEC TION I.—Ca na dian Dol lar Po si tions

TA BLE FCP-I-1.—Weekly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Ca na dian dol lars. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions

Ex change rate (Ca na dian

dol lars per U.S. dol lar)

Re port date (1) (2) (3) (4)

07/05/00 ...................... 301,388 306,276 1,286 1.4905

07/12/00 ...................... 295,435 301,044 932 1.4809

07/19/00 ...................... 302,064 309,620 1,263 1.4769

07/26/00 ...................... 317,138 323,927 1,617 1.4652

08/02/00 ...................... 321,351 330,553 1,635 1.4806

08/09/00 ...................... 321,002 330,152 856 1.4837

08/16/00 ...................... 324,593 334,078 1,112 1.4783

08/23/00 ...................... 336,220 345,676 857 1.4851

08/30/00 ...................... 329,248 338,452 977 1.4774

09/06/00 ...................... 331,470 337,422 775 1.482

09/13/00 ...................... 343,277 350,403 661 1.4829

09/20/00 ...................... 322,514 328,709 524 1.4844

09/27/00 ...................... 319,887 326,698 524 1.4968

10/04/00 ...................... 325,922 335,040 564 1.495

10/11/00 ...................... 319,633 327,388 682 1.5056

10/18/00 ...................... 322,838 331,466 838 1.5144

10/25/00 ...................... 333,481 342,060 112 1.5182

11/01/00 ...................... 349,814 359,475 -317 1.5345

11/08/00 ...................... 346,494 355,870 652 1.5425

11/15/00 ...................... 351,667 360,411 1,163 1.5543

11/22/00 ...................... 355,899 363,825 883 1.5466

11/29/00 ...................... 360,277 367,794 637 1.5433

12/06/00 ...................... 371,321 372,673 1,321 1.5292

12/13/00 ...................... 385,379 391,872 1,033 1.5219

12/20/00 ...................... 365,665 371,749 1,200 1.524

12/27/00 ...................... 353,716 356,315 1,615 1.5124
FOR EIGN CUR RENCY PO SI TIONS 99

SEC TION I.—Ca na dian Dol lar Po si tions, con.

TA BLE FCP-I-2.—Monthly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of Ca na dian dol lars. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts

Net delta 

equivaCross cur -

rency in ter -

est rate 

 Ex change 

rate 

(Ca na dian

dol lars per

U.S.

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written lent swaps dol lar)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1997 - Dec ........ 279,941 274,008 70,279 60,864 40,016 47,493 33,885 28,795 -5,098 152,610 1.430

1998 - Dec ........ 290,380 290,271 58,800 51,966 45,192 52,906 47,165 42,987 -4,347 158,643 1.532

1999 - Dec ........ 301,513 299,999 48,830 46,714 29,403 32,548 24,040 25,542 43 n.a. 1.447

2000 - Jan......... 327,754 329,721 63,788 64,191 31,474 33,151 25,000 27,157 57 n.a. 1.446

Feb ........ 314,657 317,586 60,292 60,545 28,542 30,823 23,546 24,533 -396 n.a. 1.450

Mar ........ 314,810 310,765 59,489 60,254 28,824 31,997 24,389 25,466 -1,319 n.a. 1.449

Apr......... 309,784 313,757 59,267 59,884 27,450 30,023 22,514 23,191 -36 n.a. 1.481

May ........ 313,107 315,566 61,731 63,964 27,760 30,106 21,713 24,321 956 n.a. 1.497

June........ 296,117 302,624 69,854 68,616 25,627 26,642 20,527 22,127 1,276 n.a. 1.481

July ........ 320,209 325,274 68,701 61,628 25,197 25,018 19,356 21,212 1,282 n.a. 1.488

Aug ........ 332,934 339,272 69,128 61,140 27,180 23,227 19,376 20,948 987 n.a. 1.472

Sept........ 322,776 329,735 70,881 63,624 21,209 20,481 16,970 17,789 477 n.a. 1.504

Oct......... 348,003 357,793 65,566 61,648 19,131 19,985 16,168 16,653 99 n.a. 1.523

Nov ........ 360,321 366,124 70,895 64,264 20,609 21,161 16,533 18,898 925 n.a. 1.536

Dec ........ 368,065 351,224 73,277 69,548 19,303 20,495 18,106 19,916 1,285 n.a. 1.500

TA BLE FCP-I-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In mil lions of Ca na dian dol lars. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts Net delta

Cross cur -

rency in ter -

est rate

Ex change 

rate 

(Ca na dian

dol lars per

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equivalent swaps U.S. dol lar)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1997 -Dec ........ 39,503 36,754 58,877 54,039 3,978 n.a. 3,528 n.a. -1,249 11,734 1.430

1998 - Mar ........ 31,028 35,307 60,214 51,760 1,463 755 2,190 777 -206 10,422 1.420

June........ 30,445 33,441 61,523 47,014 1,553 678 1,958 1,162 n.a. 13,401 1.469

Sept ........ 42,048 32,197 59,253 50,381 3,289 2,469 4,618 3,741 -1,322 8,992 1.532

Dec ........ 30,214 30,372 62,426 54,635 1,383 n.a. 1,853 1,292 -129 7,214 1.532

1999 - Mar ........ 42,926 40,252 49,479 52,069 373 229 875 341 -2,849 n.a. 1.509

June........ 26,534 26,029 50,617 45,798 378 n.a. n.a. 358 n.a. n.a. 1.463

Sept ........ 25,629 25,735 51,562 49,931 182 306 n.a. n.a. n.a. n.a. 1.468

Dec ........ 22,143 23,486 63,486 65,638 168 n.a. n.a. n.a. n.a. n.a. 1.447

2000 - Mar ........ 20,098 22,775 47,433 41,645 n.a. n.a. 894 n.a. n.a. n.a. 1.449

June........ 19,402 23,303 49,544 43,279 323 n.a. 406 290 -93 n.a. 1.481

Sept ........ 21,192 20,521 47,212 45,754 270 n.a. 257 212 -62 n.a. 1.504
100 FOR EIGN CUR RENCY PO SI TIONS

07/05/00 ...................... 15,670 15,488 n.a. 1.863

07/12/00 ...................... 15,663 15,473 n.a. 1.842

07/19/00 ...................... 15,891 15,819 n.a. 1.807

07/26/00 ...................... 17,778 16,449 n.a. 1.842

08/02/00 ...................... 17,430 16,437 n.a. 1.787

08/09/00 ...................... 17,529 16,844 n.a. 1.759

08/16/00 ...................... 17,333 16,397 n.a. 1.789

08/23/00 ...................... 17,000 16,419 n.a. 1.759

08/30/00 ...................... 15,928 15,890 n.a. 1.747

09/06/00 ...................... 16,603 16,215 n.a. 1.703

09/13/00 ...................... 16,905 16,058 n.a. 1.679

09/20/00 ...................... 16,589 16,108 n.a. 1.658

09/27/00 ...................... 16,141 15,970 n.a. 1.727

10/04/00 ...................... 15,531 n.a. n.a. 1.710

10/11/00 ...................... 15,105 15,522 n.a. 1.700

10/18/00 ...................... 15,213 15,154 n.a. 1.643

10/25/00 ...................... 14,353 14,782 n.a. 1.620

11/01/00 ...................... 13,916 n.a. n.a. 1.684

11/08/00 ...................... 14,247 n.a. n.a. 1.674

11/15/00 ...................... 14,039 n.a. n.a. 1.677

11/22/00 ...................... 13,975 n.a. n.a. 1.649

11/29/00 ...................... 13,593 n.a. n.a. 1.677

12/06/00 ...................... 13,652 n.a. n.a. 1.743

12/13/00 ...................... 13,615 n.a. n.a. 1.714

12/20/00 ...................... 13,637 n.a. n.a. 1.778

12/27/00 ...................... 12,436 n.a. n.a. 1.820

SEC TION II.—Ger man Mark Po si tions

TA BLE FCP-II-1.—Weekly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Ger man marks. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions

 Ex change rate (Deut sche

marks per U.S. dol lar)

Re port date (1) (2) (3) (4)
FOR EIGN CUR RENCY PO SI TIONS 101

1997 - Dec ........ 201,756 199,798 126,973 114,319 31,912 35,304 36,668 28,473 -3,880 25,773 1.799

1998 - Mar ........ 235,890 231,338 129,807 109,527 29,139 24,292 25,243 20,051 -1,648 28,619 1.849

June........ 242,644 232,986 122,544 102,431 24,910 21,817 24,974 16,914 729 27,753 1.809

Sept........ 265,496 239,820 122,384 96,420 39,593 39,362 40,077 31,743 405 29,173 1.668

Dec ........ 204,109 182,509 114,722 96,084 19,975 18,118 20,838 20,055 749 33,636 1.956

1999 - Mar ........ 35,238 30,884 78,296 77,336 5,273 3,681 6,945 3,443 -1,786 n.a. 2.106

June........ 29,882 24,365 69,238 69,965 2,430 1,973 n.a. 2,189 n.a. n.a. 2.023

Sept........ 31,152 18,307 61,817 63,678 1,479 1,637 4,370 2,023 n.a. n.a. 2.092

Dec ........ 20,244 11,582 65,344 68,401 266 121 n.a. n.a. n.a. n.a. 1.970

2000 - Mar ........ 11,985 6,048 34,223 38,156 n.a. n.a. n.a. n.a. n.a. n.a. 1.869

June........ 10,471 5,011 29,156 30,563 n.a. n.a. n.a. n.a. n.a. n.a. 1.865

Sept........ 9,645 n.a. 27,070 23,899 19 32 n.a. n.a. n.a. n.a. 1.7247

TA BLE FCP-II-3.—Quar terly Re port of Large Mar ket Par tic i pants

[In mil lions of Ger man marks. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts Net delta

Cross cur -

rency in -

ter est rate

Ex change 

rate 

(Deut sche 

marks per

U.S.

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps dol lar)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1997 - Dec ........ 2,105,621 2,111,401 267,177 261,206 565,018 581,794 591,231 619,946 2,728 382,295 1.799

1998 - Dec ........ 2,137,633 2,095,888 275,795 276,946 538,892 569,968 535,282 564,736 5,041 434,747 1.956

1999 - Dec ........ 27,357 35,643 8,371 11,700 9,254 11,991 14,709 11,246 n.a. n.a. 1.970

2000 - Jan......... 21,741 22,777 n.a. 30,533 n.a. 7,185 n.a. n.a. n.a. n.a. 1.896

Feb ........ 20,091 22,667 n.a. 30,269 4,107 6,544 10,267 n.a. n.a. n.a. 1.887

Mar ........ 16,661 18,387 n.a. n.a. 3,831 5,788 n.a. n.a. n.a. n.a. 1.869

Apr ......... 15,895 17,268 n.a. 36,340 3,932 5,437 n.a. n.a. n.a. n.a. 1.782

May ........ 15,501 16,800 n.a. n.a. 3,702 4,994 n.a. n.a. n.a. n.a. 1.833

June........ 15,380 15,036 n.a. n.a. n.a. 4,431 n.a. 3,822 n.a. n.a. 1.865

July ........ 17,562 16,505 n.a. n.a. n.a. 4,539 n.a. n.a. n.a. n.a. 1.813

Aug ........ 15,561 15,945 n.a. n.a. n.a. 4,041 n.a. n.a. n.a. n.a. 1.736

Sept........ 16,205 16,003 n.a. n.a. n.a. 3,935 n.a. n.a. n.a. n.a. 1.725

Oct ......... 14,333 n.a. n.a. n.a. n.a. 3,948 n.a. 3,542 n.a. n.a. 1.660

Nov ........ 13,709 n.a. n.a. n.a. n.a. 4,029 n.a. 3,644 n.a. n.a. 1.706

Dec ........ 11,153 n.a. 20,075 23,477 2,332 2,922 6,418 3,327 n.a. n.a. 1.842

SEC TION II.—Ger man Mark Po si tions, con.

TA BLE FCP-II-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Ger man marks. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts Net delta

Cross cur -

rency in ter -

est rate

Ex change 

rate 

(Deutsche

marks per

U.S. 

 Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps dol lar)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
102 FOR EIGN CUR RENCY PO SI TIONS

SEC TION III.—Jap a nese Yen Po si tions

TA BLE FCP-III-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In bil lions of Jap a nese yen. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions

 Ex change rate (Jap a -

nese yen per U.S. dol lar)

Re port date (1) (2) (3) (4)

07/05/00 ...................... 155,204 160,675 1,161 107.09

07/12/00 ...................... 160,256 165,706 1,035 108.31

07/19/00 ...................... 158,854 164,408 1,060 108.33

07/26/00 ...................... 161,109 166,040 1,072 109.27

08/02/00 ...................... 159,427 164,555 1,029 109.04

08/09/00 ...................... 162,702 167,667 1,115 107.93

08/16/00 ...................... 164,165 168,911 1,159 108.69

08/23/00 ...................... 161,059 166,485 1,167 107.15

08/30/00 ...................... 162,056 166,728 1,183 106.50

09/06/00 ...................... 160,885 166,300 1,086 105.97

09/13/00 ...................... 162,792 167,448 1,271 107.14

09/20/00 ...................... 156,998 160,879 1,335 106.58

09/27/00 ...................... 159,690 164,679 1,199 107.42

10/04/00 ...................... 157,102 161,392 1,207 109.40

10/11/00 ...................... 158,917 163,359 1,533 107.62

10/18/00 ...................... 157,197 161,442 1,452 107.91

10/25/00 ...................... 156,085 160,827 1,193 108.19

11/01/00 ...................... 154,685 158,939 1,101 108.22

11/08/00 ...................... 153,828 158,168 1,293 107.34

11/15/00 ...................... 155,364 159,635 1,190 108.94

11/22/00 ...................... 156,451 160,491 1,110 110.31

11/29/00 ...................... 156,543 160,782 880 111.22

12/06/00 ...................... 158,754 164,136 1,040 110.37

12/13/00 ...................... 167,381 172,825 880 112.40

12/20/00 ...................... 161,373 166,954 1,055 112.73

12/27/00 ...................... 157,446 163,092 1,164 114.37
FOR EIGN CUR RENCY PO SI TIONS 103

1997 - Dec ........ 12,623 14,720 9,377 9,182 1,317 1,475 2,265 1,594 -447 2,745 130.58

1998 - Mar ........ 14,474 15,329 10,378 10,338 936 1,080 2,783 1,089 -916 3,823 133.23

June ....... 15,991 17,117 9,376 9,876 882 1,223 3,626 1,074 -1,510 4,039 138.98

Sept........ 16,422 15,293 9,047 9,599 2,307 n.a. 4,800 3,368 -700 4,103 136.55

Dec ........ 12,356 10,415 9,057 8,606 1,045 n.a. 4,031 2,412 -269 4,049 113.30

1999 - Mar ........ 10,407 11,415 8,382 7,703 498 1,041 1,088 748 69 n.a. 118.90

June ....... 11,020 12,124 9,073 9,372 669 854 1,172 579 -84 n.a. 121.25

Sept........ 12,546 13,169 9,697 10,067 510 947 1,580 675 -320 n.a. 106.35

Dec ........ 8,483 9,378 9,278 9,553 398 840 987 539 n.a. n.a. 102.31

2000 - Mar ........ 9,940 10,052 6,827 6,463 697 1,267 1,229 821 n.a. n.a. 102.80

June ....... 9,758 9,480 6,558 6,359 558 855 992 722 115 n.a. 106.07

Sept........ 7,826 7,612 6,232 6,901 580 984 1,068 748 100 n.a. 108.21

TA BLE FCP-III-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In bil lions of Jap a nese yen. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts

Net delta 

equivaCross cur -

rency in ter -

est rate 

 Ex change 

rate 

(Jap a nese

yen per U.S.

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written lent swaps dol lar)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1997 - Dec ........ 179,263 184,759 31,019 28,298 28,670 28,519 38,563 39,800 1,011 70,895 130.58

1998 - Dec ........ 202,201 206,719 25,691 26,714 37,327 37,921 50,809 49,009 1,208 74,901 113.30

1999 - Dec ........ 146,337 149,239 27,179 23,957 22,474 21,436 36,816 39,114 1,050 n.a. 102.31

2000 - Jan......... 164,181 168,279 22,919 20,676 25,454 23,979 39,892 42,920 1,096 n.a. 107.46

Feb ........ 166,871 171,733 24,273 22,013 24,637 22,993 31,889 33,603 1,537 n.a. 110.26

Mar ........ 163,135 168,550 31,172 28,057 24,363 23,537 54,151 55,184 1,643 n.a. 102.80

Apr......... 165,474 170,676 28,686 25,332 25,673 24,609 55,075 55,863 1,623 n.a. 108.17

May ........ 163,511 169,121 25,742 22,879 23,890 22,461 53,384 53,724 1,281 n.a. 107.81

June ........ 163,600 168,221 27,305 24,831 22,991 21,971 53,936 54,371 1,252 n.a. 106.07

July ........ 160,222 165,016 24,126 22,462 22,774 22,392 54,979 54,882 1,029 n.a. 109.42

Aug ........ 160,018 165,632 26,873 25,170 24,214 23,415 54,957 55,112 1,194 n.a. 106.72

Sept ........ 159,853 163,889 24,925 23,938 22,841 22,348 50,755 50,928 1,207 n.a. 108.21

Oct......... 156,295 160,553 24,881 23,216 25,212 25,012 50,612 51,092 1,121 n.a. 109.14

Nov ........ 160,196 164,953 25,530 23,935 21,408 20,667 51,269 51,843 1,072 n.a. 110.40

Dec ........ 157,318 162,804 25,262 24,120 19,555 18,884 47,477 48,889 1,142 n.a. 114.42

SEC TION III.—Jap a nese Yen Po si tions, con.

TA BLE FCP-III-2.—Monthly Re port of Ma jor Mar ket Par tic i pants 

[In bil lions of Jap a nese yen. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts Net delta

Cross cur -

rency in -

ter est rate

Ex change 

rate 

(Jap a nese

yen per

U.S. 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps dol lar)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
104 FOR EIGN CUR RENCY PO SI TIONS

SEC TION IV.—Swiss Franc Po si tions

TA BLE FCP-IV-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of Swiss francs. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions

Ex change rate (Swiss

francs per U.S. dol lar)

Re port date (1) (2) (3) (4)

07/05/00 ...................... 441,428 440,837 -2,424 1.625

07/12/00 ...................... 457,400 453,395 -3,233 1.653

07/19/00 ...................... 464,869 461,868 -3,528 1.677

07/26/00 ...................... 477,573 474,626 -3,032 1.650

08/02/00 ...................... 477,980 475,579 -3,696 1.690

08/09/00 ...................... 485,979 483,783 -4,359 1.717

08/16/00 ...................... 509,474 505,670 -4,020 1.707

08/23/00 ...................... 496,313 492,357 -4,221 1.724

08/30/00 ...................... 499,403 493,054 -4,101 1.733

09/06/00 ...................... 512,581 510,482 -3,491 1.778

09/13/00 ...................... 523,001 523,744 -2,814 1.773

09/20/00 ...................... 454,064 457,156 -1,012 1.778

09/27/00 ...................... 450,263 453,145 -723 1.724

10/04/00 ...................... 452,944 454,304 -1,177 1.737

10/11/00 ...................... 459,135 459,039 -2,347 1.740

10/18/00 ...................... 463,224 463,532 -3,190 1.789

10/25/00 ...................... 446,069 447,537 -3,220 1.820

11/01/00 ...................... 447,453 450,374 -1,632 1.775

11/08/00 ...................... 442,931 449,954 -2,558 1.776

11/15/00 ...................... 448,231 456,137 -2,614 1.779

11/22/00 ...................... 412,479 418,000 -3,408 1.802

11/29/00 ...................... 457,816 462,975 -3,263 1.762

12/06/00 ...................... 484,791 487,652 -3,460 1.701

12/13/00 ...................... 475,966 474,387 -2,479 1.716

12/20/00 ...................... 433,811 435,227 -2,721 1.669

12/27/00 ...................... 407,627 413,957 -2,182 1.637
FOR EIGN CUR RENCY PO SI TIONS 105

1997 - Dec ........ 34,055 45,725 19,548 15,869 n.a. 6,186 7,108 6,137 -382 13,357 1.463

1998 - Mar ........ 38,858 36,296 21,240 14,804 n.a. n.a. 5,527 4,399 -685 12,767 1.524

June........ 40,338 34,567 19,349 14,136 n.a. n.a. 3,604 2,183 -390 18,057 1.521

Sept........ 39,544 37,928 24,920 18,195 3,200 3,643 3,623 2,983 147 15,838 1.381

Dec ........ 29,714 27,460 25,805 17,734 2,858 2,958 1,723 1,455 -58 15,491 1.375

1999 - Mar ........ 27,949 24,485 n.a. 19,203 n.a. n.a. 1,184 1,076 -298 n.a. 1.482

June........ 29,910 31,341 25,543 21,297 1,748 n.a. 999 839 -418 n.a. 1.551

Sept........ 41,114 42,781 26,958 22,921 n.a. n.a. 4,829 n.a. 165 n.a. 1.495

Dec ........ 29,996 32,669 26,008 22,409 n.a. n.a. 2,416 1,886 -248 n.a. 1.591

2000 - Mar ........ 25,551 32,822 23,732 11,470 n.a. n.a. 2,481 2,495 164 n.a. 1.664

June........ 28,559 32,190 23,290 12,700 n.a. n.a. n.a. n.a. n.a. n.a. 1.634

Sept........ 25,817 29,202 25,141 15,983 2,415 n.a. n.a. 3,679 n.a. n.a. 1.727

TA BLE FCP-IV-3.—Quar terly Re port of Large Mar ket Par tic i pants

[In mil lions of Swiss francs. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts Net delta

Cross cur -

rency in -

ter est rate

Ex change 

rate 

(Swiss

francs per

U.S.

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps dol lar)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1997 - Dec ........ 578,837 588,600 30,197 36,466 80,541 81,291 111,512 112,963 3,309 121,149 1.463

1998 - Dec ........ 412,893 414,305 27,126 28,145 70,475 65,812 63,977 68,190 5,605 120,584 1.375

1999 - Dec ........ 348,405 346,553 24,246 24,346 63,446 66,092 62,096 58,039 -4,618 n.a. 1.591

2000 - Jan......... 447,049 446,131 29,379 34,443 73,383 78,779 73,715 69,263 -4,897 n.a. 1.657

Feb ........ 491,882 492,841 29,623 34,465 73,452 76,384 70,640 63,473 -7,290 n.a. 1.665

Mar ........ 495,967 500,847 27,933 32,146 69,929 72,004 62,581 57,571 -4,881 n.a. 1.664

Apr ......... 475,056 474,761 31,918 34,837 69,895 78,116 63,750 54,998 -5,762 n.a. 1.719

May ........ 544,131 543,870 37,480 41,356 70,363 79,420 68,083 59,577 -4,389 n.a. 1.682

June........ 473,652 472,016 41,044 46,388 68,404 71,941 63,283 58,426 -2,309 n.a. 1.634

July ........ 473,117 469,697 36,202 43,318 66,314 69,495 58,315 56,492 -3,300 n.a. 1.671

Aug ........ 494,864 490,869 46,272 51,063 69,271 70,120 66,537 66,237 -4,016 n.a. 1.742

Sept ........ 457,553 457,927 37,604 44,327 79,217 74,571 73,134 74,131 -1,090 n.a. 1.727

Oct......... 445,195 446,969 44,711 51,168 83,680 81,501 75,315 76,735 -2,119 n.a. 1.798

Nov ........ 475,265 477,843 48,580 51,858 75,301 74,948 64,606 63,180 -3,199 n.a. 1.730

Dec ........ 391,980 400,664 67,268 70,627 60,340 58,622 55,933 52,641 -2,020 n.a. 1.613

SEC TION IV.—Swiss Franc Po si tions, con.

TA BLE FCP-IV-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Swiss francs. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions 

Spot, for ward

 and fu ture con tracts Non-capital items Calls Puts

Net delta 

equivaCross cur -

rency in ter -

est rate 

 Ex change 

rate 

(Swiss

francs per

U.S.

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written lent swaps dol lar)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
106 FOR EIGN CUR RENCY PO SI TIONS

07/05/00 ...................... 489,629 480,195 -459 1.508

07/12/00 ...................... 498,434 489,667 -28 1.507

07/19/00 ...................... 499,594 485,994 256 1.497

07/26/00 ...................... 511,339 507,061 -527 1.515

08/02/00 ...................... 513,137 511,957 2,224 1.493

08/09/00 ...................... 507,202 504,868 2,888 1.502

08/16/00 ...................... 522,172 521,886 1,576 1.500

08/23/00 ...................... 513,989 512,554 1,796 1.486

08/30/00 ...................... 517,820 519,084 2,532 1.459

09/06/00 ...................... 523,562 520,963 1,963 1.438

09/13/00 ...................... 537,659 534,361 2,124 1.409

09/20/00 ...................... 503,338 501,791 1,600 1.411

09/27/00 ...................... 513,364 513,834 2,445 1.464

10/04/00 ...................... 494,503 491,876 1,801 1.458

10/11/00 ...................... 507,723 509,131 2,223 1.463

10/18/00 ...................... 512,871 513,694 2,044 1.443

10/25/00 ...................... 507,076 507,249 1,558 1.433

11/01/00 ...................... 505,372 505,236 1,940 1.452

11/08/00 ...................... 518,221 515,754 1,855 1.425

11/15/00 ...................... 515,765 511,665 2,468 1.427

11/22/00 ...................... 520,499 510,824 1,560 1.406

11/29/00 ...................... 524,553 521,527 2,144 1.423

12/06/00 ...................... 533,199 531,103 2,197 1.442

12/13/00 ...................... 538,837 536,667 2,108 1.454

12/20/00 ...................... 512,505 510,635 1,835 1.478

12/27/00 ...................... 499,667 496,276 1,669 1.497

SEC TION V.—Ster ling Po si tions

TA BLE FCP-V-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of pounds ster ling. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions

 Ex change rate (U.S.

dollars per pound)

Re port date (1) (2) (3) (4)
FOR EIGN CUR RENCY PO SI TIONS 107

1997 -Dec .......... 36,614 41,392 49,252 40,469 3,322 3,544 4,176 2,616 166 5,842 1.648

1998 - Mar.......... 37,954 44,272 53,725 39,724 2,558 1,904 4,386 2,184 383 7,216 1.672

June ......... 34,360 41,814 49,305 36,806 2,203 2,583 5,248 2,365 -643 9,435 1.667

Sept.......... 47,869 59,915 54,596 41,131 2,645 3,232 5,592 3,264 -1,032 10,809 1.700

Dec .......... 41,798 52,331 55,012 40,001 1,785 1,655 4,116 2,774 -128 12,444 1.655

1999 - Mar.......... 29,752 38,797 49,526 38,258 1,339 1,970 3,120 3,484 -468 n.a. 1.612

June ......... 33,120 38,967 61,274 50,042 1,672 1,822 1,855 n.a. -448 n.a. 1.577

Sept.......... 29,234 40,531 55,936 43,129 904 2,315 2,717 n.a. n.a. n.a. 1.647

Dec .......... 20,688 29,551 59,303 49,273 1,095 1,514 2,415 1,230 n.a. n.a. 1.618

2000 - Mar.......... 26,741 30,937 40,575 33,411 1,158 1,236 2,095 1,372 -758 n.a. 1.593

June ......... 28,418 32,246 43,338 34,513 1,581 1,505 1,702 1,275 -44 n.a. 1.517

Sept.......... 29,370 30,972 43,390 22,825 1,684 1,350 3,274 1,388 25 n.a. 1.474

TA BLE FCP-V-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In mil lions of pounds ster ling. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions 

Spot, for ward 

and fu ture con tracts Non-capital items Calls Puts

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written

Net delta 

equivalent

Cross cur -

rency in ter -

est rate

swaps

Ex change 

rate 

(U.S. dol lars

per pound)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1997 - Dec ........ 387,578 372,725 82,499 90,336 60,600 62,696 63,212 68,012 809 78,781 1.648

1998 - Dec ........ 451,435 436,782 90,311 83,682 62,967 59,537 84,861 81,929 1,817 106,491 1.655

1999 - Dec ........ 431,852 417,589 82,826 85,068 33,780 40,959 38,668 36,834 -1,112 n.a. 1.618

2000 - Jan......... 497,624 488,987 97,029 98,765 42,205 46,351 57,366 45,713 888 n.a. 1.615

Feb ........ 516,559 509,165 111,681 111,999 39,616 44,522 43,838 43,475 -50 n.a. 1.578

Mar ........ 529,264 517,010 115,228 113,506 41,181 46,543 44,866 44,757 -297 n.a. 1.593

Apr......... 519,581 506,509 108,944 109,325 36,994 42,749 44,776 46,006 -2,214 n.a. 1.553

May ........ 555,033 547,157 108,955 108,297 56,464 59,518 60,228 58,190 -182 n.a. 1.500

June........ 520,539 509,635 112,633 111,197 67,267 66,540 56,604 55,430 -511 n.a. 1.517

July ........ 514,698 511,881 112,472 110,417 68,323 65,305 59,749 59,849 2,405 n.a. 1.499

Aug ........ 514,722 513,438 119,784 115,727 65,893 62,687 56,798 60,341 2,658 n.a. 1.449

Sept........ 507,570 505,852 134,723 128,031 60,289 56,789 49,457 n.a. 2,250 n.a. 1.474

Oct......... 508,043 504,514 131,141 129,740 62,564 60,089 43,471 47,039 2,004 n.a. 1.449

Nov ........ 525,924 520,714 127,240 123,787 57,386 54,895 38,298 40,369 1,819 n.a. 1.426

Dec ........ 481,136 476,681 132,953 130,552 52,053 49,904 34,092 35,317 1,692 n.a. 1.492

SEC TION V.—Ster ling Po si tions, con.

TA BLE FCP-V-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of pounds ster ling. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written

 Net delta

equiv a lent

Cross cur -

rency in ter -

est rate 

swaps

Ex change 

rate 

(U.S. dollars

per pound)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
108 FOR EIGN CUR RENCY PO SI TIONS

SEC TION VI.—U.S. Dol lar Po si tions

TA BLE FCP-VI-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of U.S. dol lars. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions Ex change rate

Re port date (1) (2) (3) (4)

07/05/00 ......................... 4,854,322 4,896,854 10,285 n.a.

07/12/00 ......................... 4,915,006 4,962,408 10,802 n.a.

07/19/00 ......................... 4,917,006 4,961,365 12,837 n.a.

07/26/00 ......................... 4,984,036 5,011,024 13,383 n.a.

08/02/00 ......................... 4,999,680 5,023,358 11,299 n.a.

08/09/00 ......................... 4,973,705 5,008,784 11,254 n.a.

08/16/00 ......................... 5,064,632 5,078,333 12,334 n.a.

08/23/00 ......................... 5,056,241 5,061,092 9,374 n.a.

08/30/00 ......................... 5,067,143 5,086,963 10,568 n.a.

09/06/00 ......................... 5,099,801 5,118,681 5,660 n.a.

09/13/00 ......................... 5,118,660 5,132,043 5,355 n.a.

09/20/00 ......................... 4,940,575 4,960,549 3,737 n.a.

09/27/00 ......................... 5,060,089 5,080,634 5,879 n.a.

10/04/00 ......................... 5,020,884 5,054,191 9,004 n.a.

10/11/00 ......................... 5,009,484 5,039,732 7,003 n.a.

10/18/00 ......................... 5,014,636 5,036,279 8,545 n.a.

10/25/00 ......................... 5,005,743 5,023,389 8,923 n.a.

11/01/00 ......................... 4,968,906 4,983,546 6,596 n.a.

11/08/00 ......................... 5,017,754 5,037,922 6,224 n.a.

11/15/00 ......................... 5,069,610 5,096,948 7,847 n.a.

11/22/00 ......................... 4,914,733 4,950,009 8,721 n.a.

11/29/00 ......................... 5,047,675 5,076,754 10,117 n.a.

12/06/00 ......................... 5,137,724 5,159,775 6,810 n.a.

12/13/00 ......................... 5,302,197 5,339,396 8,844 n.a.

12/20/00 ......................... 5,058,497 5,106,979 6,771 n.a.

12/27/00 ......................... 4,926,470 4,968,472 5,947 n.a.
FOR EIGN CUR RENCY PO SI TIONS 109

SEC TION VI.—U.S. Dol lar Po si tions, con.

TA BLE FCP-VI-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of U.S. dol lars. Source: Of fice of For eign Ex change Op er a tions]

TA BLE FCP-VI-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In millions of U.S. dollars. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions 

Spot, for ward

 and fu ture con tracts Non-capital items Calls Puts Net delta

Cross cur -

rency in -

ter est rate Exchange

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps rate

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1999 - Mar....... 344,488 346,419 - - 45,081 n.a. 24,808 31,891 -2,548 n.a. n.a.

June ...... 355,215 381,986 - - 30,362 n.a. 14,682 34,477 -4,398 n.a. n.a.

Sept ...... 369,911 399,707 - - 42,136 n.a. 16,652 32,959 n.a. n.a. n.a.

Dec....... 322,693 356,352 - - 38,983 n.a. 13,480 48,511 n.a. n.a. n.a.

2000 - Mar....... 355,039 356,538 - - 39,429 n.a. 18,542 45,725 n.a. n.a. n.a.

June ...... 355,103 382,402 - - 32,925 55,328 44,033 47,386 1,030 n.a. n.a.

Sept ...... 324,914 346,333 - - 19,704 28,846 24,183 29,783 116 n.a. n.a.

1999 - Jan........ 5,537,723 5,535,483 - - 763,547 1,462,327 718,645 689,063 -13,456 n.a.

Feb ........ 5,587,436 5,553,305 - - 793,634 1,498,088 748,568 722,894 -3,120 n.a.

Mar ........ 5,440,238 5,425,796 - - 729,810 665,770 644,917 653,165 -5,914 n.a.

Apr ........ 5,315,004 5,287,849 - - 682,510 648,960 632,525 613,643 -3,911 n.a.

May ....... 5,275,344 5,279,115 - - 698,885 681,262 674,963 647,732 -1,573 n.a.

June ....... 5,154,576 5,176,838 - - 634,850 615,868 605,099 573,999 -1,028 n.a.

July........ 5,279,823 5,302,309 - - 628,617 606,469 610,172 582,079 -7,213 n.a.

Aug ........ 5,268,144 5,279,461 - - 641,397 622,160 623,278 592,968 -4,545 n.a.

Sept ....... 5,317,938 5,354,366 - - 644,972 624,798 702,227 547,030 3,703 n.a.

Oct ........ 5,453,737 5,504,653 - - 656,844 641,341 724,157 574,675 1,369 n.a.

Nov ........ 5,434,720 5,439,023 - - 626,602 611,329 676,418 537,040 4,974 n.a.

Dec ........ 4,428,661 4,469,330 - - 554,465 538,078 606,475 464,834 4,031 n.a.

2000 - Jan........ 5,206,175 5,242,291 - - 645,121 616,411 760,544 551,734 15,669 n.a.

Feb ........ 5,259,655 5,294,417 - - 561,186 526,371 647,577 514,353 n.a. n.a.

Mar ........ 5,194,805 5,229,059 - - 736,426 718,276 647,870 506,808 4,441 n.a.

Apr ........ 5,134,570 5,172,691 - - 753,239 702,905 614,161 611,089 10,296 n.a.

May ....... 5,260,644 5,295,815 - - 760,960 719,820 624,200 623,237 8,402 n.a.

June ....... 5,177,385 5,227,331 - - 748,964 706,451 601,481 616,160 9,562 n.a.

July........ 5,095,365 5,100,472 - - 767,980 741,771 629,466 626,458 11,853 n.a.

Aug ........ 5,160,323 5,176,532 - - 815,700 762,732 643,074 638,424 8,835 n.a.

Sept ....... 5,114,514 5,150,028 - - 765,572 719,018 640,860 615,555 5,439 n.a.

Oct ........ 5,043,018 5,061,759 - - 782,150 748,119 655,836 633,993 5,429 n.a.

Nov ........ 5,176,487 5,208,287 - - 770,457 722,232 586,828 570,735 7,624 n.a.

Dec ........ 4,903,805 4,922,496 - - 696,817 665,879 549,766 523,288 5,750 n.a.

Report date

Spot, for ward 

and fu ture con tracts Non-capital items

Op tions po si tions

 Ex change

 rate

Calls Puts Net delta

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
110 FOR EIGN CUR RENCY PO SI TIONS

SEC TION VII.—Euro Po si tions

TA BLE FCP-VII-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of euros. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions

Ex change rate (Euros per

U.S. dol lar)

Re port date (1) (2) (3) (4)

07/05/00 ...................... 1,865,070 1,874,261 -9,763 1.050

07/12/00 ...................... 1,874,117 1,879,601 -9,828 1.062

07/19/00 ...................... 1,886,015 1,892,975 -11,800 1.082

07/26/00 ...................... 1,947,599 1,945,140 -10,887 1.062

08/02/00 ...................... 1,932,530 1,930,840 -10,701 1.095

08/09/00 ...................... 1,910,152 1,907,472 -10,593 1.112

08/16/00 ...................... 1,957,183 1,962,290 -8,803 1.094

08/23/00 ...................... 1,973,376 1,975,250 -8,042 1.112

08/30/00 ...................... 2,002,567 2,001,823 -7,521 1.120

09/06/00 ...................... 2,025,189 2,034,059 -8,311 1.149

09/13/00 ...................... 2,021,654 2,038,127 -8,340 1.165

09/20/00 ...................... 1,948,477 1,962,655 -7,289 1.180

09/27/00 ...................... 2,031,106 2,040,695 -9,200 1.133

10/04/00 ...................... 1,949,220 1,954,291 -10,429 1.144

10/11/00 ...................... 1,994,630 1,993,638 -9,821 1.150

10/18/00 ...................... 2,024,708 2,031,560 -5,326 1.190

10/25/00 ...................... 2,021,316 2,031,907 -5,385 1.208

11/01/00 ...................... 2,019,107 2,030,420 -6,345 1.162

11/08/00 ...................... 2,029,291 2,037,929 -6,801 1.169

11/15/00 ...................... 2,068,951 2,070,420 -7,396 1.167

11/22/00 ...................... 1,929,080 1,933,671 -6,687 1.186

11/29/00 ...................... 2,087,039 2,084,823 -5,975 1.166

12/06/00 ...................... 2,104,616 2,101,899 -8,215 1.122

12/13/00 ...................... 2,130,269 2,126,881 -9,717 1.141

12/20/00 ...................... 2,031,831 2,024,908 -10,081 1.100

12/27/00 ...................... 1,988,189 1,995,724 -10,678 1.075
FOR EIGN CUR RENCY PO SI TIONS 111

SEC TION VII.—Euro Po si tions, con.

TA BLE FCP-VII-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of euros. Source: Of fice of For eign Ex change Op er a tions]

Re port

date

Spot, for ward

and fu ture con tracts Non-capital items

Op tions po si tions

Ex change

rate

Calls Puts Net delta

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

1999 - Jan........ 1,566,699 1,532,673 393,367 390,239 202,578 227,242 221,568 231,761 -480 0.880

Feb ....... 1,561,850 1,542,552 421,460 408,904 253,912 340,648 367,143 300,936 11 0.907

Mar ....... 1,533,315 1,540,410 436,268 415,362 321,976 359,188 392,951 344,535 -944 0.929

Apr........ 1,478,252 1,479,302 449,714 438,523 370,757 352,512 434,286 381,994 -4,650 0.946

May ....... 1,533,635 1,529,586 458,925 465,158 328,363 355,660 407,031 356,631 -6,873 0.959

June....... 1,499,547 1,491,928 455,688 439,095 328,733 367,383 415,102 348,041 -5,932 0.967

July ....... 1,548,840 1,535,220 516,778 501,493 383,833 404,428 439,824 336,243 -1,453 0.935

Aug ....... 1,548,312 1,546,834 443,457 422,338 480,873 493,330 449,582 331,725 -2,388 0.946

Sept....... 1,696,687 1,689,902 433,942 412,149 485,119 475,029 399,095 350,204 -3,638 0.935

Oct........ 1,795,417 1,796,775 424,984 401,501 467,621 478,946 362,427 370,116 -3,981 0.948

Nov ....... 1,764,694 1,749,089 434,436 417,999 436,834 433,657 287,729 303,335 -7,737 0.991

Dec ....... 1,452,015 1,461,276 474,121 446,461 409,670 402,166 258,738 242,453 -7,254 0.993

2000 - Jan........ 1,724,560 1,737,462 442,897 428,201 619,530 628,646 346,236 355,194 -7,403 1.031

Feb ....... 1,860,625 1,880,888 487,896 467,967 584,483 590,403 372,396 362,992 -4,988 1.036

Mar ....... 1,899,472 1,901,388 523,523 494,884 349,396 574,205 347,514 356,175 -2,206 1.047

Apr........ 1,837,189 1,851,992 544,210 517,698 542,414 538,238 323,798 340,003 -2,612 1.098

May ....... 1,983,047 1,987,957 590,288 559,869 568,659 562,206 329,385 366,305 -6,890 1.067

June....... 1,981,586 1,992,473 612,848 578,082 583,899 592,389 351,444 358,027 -9,478 1.049

July ....... 1,909,976 1,911,383 586,314 536,754 519,554 506,348 369,129 378,158 -10,343 1.079

Aug ....... 1,992,118 1,998,899 573,805 525,502 454,621 468,412 392,990 386,854 -7,744 1.127

Sept....... 2,006,795 2,014,112 608,334 547,769 421,739 424,720 384,653 371,919 -8,987 1.134

Oct........ 2,005,978 2,016,298 656,950 559,093 379,876 365,534 351,453 385,327 -6,529 1.178

Nov ....... 2,121,354 2,119,639 639,786 585,005 300,549 288,753 298,360 334,643 -8,718 1.147

Dec ....... 1,962,446 1,957,163 657,186 619,882 262,483 249,899 257,504 278,235 -10,079 1.062

1999 - Mar ....... 92,802 97,957 98,287 93,539 4,212 4,265 5,228 4,413 -1,083 n.a. 0.9289

June ...... 112,045 121,089 80,972 69,409 3,878 6,839 6,310 4,308 -2,644 n.a. 0.9669

Sept ...... 144,979 139,983 113,959 93,954 6,487 5,727 6,741 4,983 -3,297 n.a. 0.9350

Dec ....... 104,331 98,139 107,006 91,185 5,263 9,552 9,898 7,093 -3,796 n.a. 0.9930

2000 - Mar ....... 157,837 137,611 222,847 87,591 7,762 12,088 12,578 10,024 -916 n.a. 1.0466

June ...... 153,599 144,972 225,865 86,355 10,660 11,704 13,871 12,373 -447 n.a. 1.0485

Sept ...... 144,129 147,945 229,496 88,077 11,846 12,922 21,183 16,153 1,752 n.a. 1.134

TA BLE FCP-VII-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In bil lions of euros. Source: Of fice of For eign Ex change Op er a tions]

Re port

date

Spot, for ward 

and fu ture con tracts Non-capital items

Op tions po si tions

Ex change

rate

Calls Puts

Net delta

equiv a lent

Cross cur -

rency in ter est 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written rate swaps

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
112

IN TRO DUC TION: Ex change Sta bi li za tion Fund

To sta bi lize the ex change value of the dol lar, the Ex -

change Sta bi li za tion Fund (ESF) was es tab lished pur su ant to 

chapter 6, sec tion 10 of the Gold Re serve Act of Jan u ary 30,

1934 (cod i fied at 31 United States Code 5302), which au tho -

rized es tab lish ment of a Trea sury fund to be op er ated un der the 

ex clu sive con trol of the Sec re tary, with ap proval of the Pres i -

dent.

Sub se quent amend ment of the Gold Re serve Act mod i -

fied the orig i nal pur pose some what to re flect ter mi na tion of

the fixed ex change rate sys tem.

Re sources of the fund in clude dol lar bal ances, par tially

in vested in U.S. Gov ern ment se cu ri ties, spe cial draw ing

rights (SDRs), and bal ances of for eign cur ren cies. Prin ci pal

sources of in come (+) or loss (-) for the fund are prof its (+) or

losses (-) on SDRs and for eign ex change, as well as in ter est

earned on as sets.

• Ta ble ESF-1 pres ents the as sets, li a bil i ties and cap i tal

of the fund. The fig ures are in U.S. dol lars or their equiv a lents

based on cur rent ex change rates com puted ac cord ing to the ac -

crual method of ac count ing. The cap i tal ac count rep re sents the 

orig i nal cap i tal ap pro pri ated to the fund by Con gress of $2 bil -

lion, mi nus a sub se quent trans fer of $1.8 bil lion to pay for the

ini tial U.S. quota sub scrip tion to the In ter na tional Mon e tary

Fund. Gains and losses are re flected in the cu mu la tive net in -

come (+) or loss (-) ac count.

• Ta bleESF-2 shows the re sults of op er a tions by quar -

ter. Fig ures are in U.S. dol lars or their equiv a lents com puted

ac cord ing to the ac crual method. “Profit (+) or loss (-) on for -

eign ex change” in cludes re al ized prof its or losses. “Ad just -

TA BLE ESF-1.—Bal ances as of July 1, 2000, and Sept. 30, 2000

[In thou sands of dol lars. Source: Of fice of the As sis tant Sec re tary of the Trea sury for Man age ment]

 As sets, li a bil i ties and cap i tal June 30, 2000

 July 1, 2000,

 through

 Sept. 30, 2000 Sept. 30, 2000

As sets

U.S. dol lars:

 Held with Trea sury:

 U.S. Gov ern ment se cu ri ties ................. 12,645,207 -1,616,637 11,028,570 

Spe cial draw ing rights 1 ....................... 10,444,354 -127,939 10,316,415 

For eign ex change and se cu ri ties:

 Eu ro pean euro ............................. 6,634,663 234,639 6,869,302 

 Jap a nese yen ............................. 8,877,769 -144,012 8,733,757 

Ac counts re ceiv able .......................... 148,283 -1,444 146,839 

 To tal as sets ............................... 38,750,276 -1,655,393 37,094,883 

Li a bil i ties and cap i tal

Cur rent li a bil i ties:

 Ac counts pay able .......................... 192,154 -4,030 188,124 

 To tal cur rent li a bil i ties ..................... 192,154 -4,030 188,124 

Other li a bil i ties:

 SDR cer tif i cates............................ 4,200,000 - 3,200,000 

 SDR al lo ca tions............................ 6,552,039 -192,986 6,359,053 

 To tal other li a bil i ties ....................... 10,752,039 -1,192,986 9,559,053 

Cap i tal:

 Cap i tal ac count ............................

200,000 - 200,000 

 Net in come (+) or loss (-) (see ta ble ESF-2)...... 27,606,083 -458,377 27,147,706 

 To tal cap i tal ............................. 27,806,083 -458,377 27,347,706 

 To tal li a bil i ties and cap i tal ................ 38,750,276 -1,655,393 37,094,883 

See foot note on the fol low ing page.
EX CHANGE STA BI LI ZA TION FUND 113

Current quar ter

July 1, 2000,

 through

Sept. 30, 2000

Fis cal year to date

Oct. 1, 1999,

through

Sept. 30, 2000

 In come and expense

 Profit (+) or loss (-) on:

 For eign ex change..................................

-647,089 -1,343,591

 Ad just ment for change in val u a tion 

 of SDR hold ings and al lo ca tions 1......................

-127,015 -255,353

 In ter est (+) or net charges (-) on:

 SDRs............................................

43,748 156,848

 U.S. Gov ern ment se cu ri ties .......................... 195,921 805,564

 For eign ex change.................................. 71,445 256,135

 Com mis sions........................................ - 104,773

 In come from op er a tions ........................... -462,990 -275,624

 Net in come (+) or loss (-) ........................ -462,990 -275,624

1 Be gin ning July 1974, the In ter na tional Mon e tary Fund adopted a tech nique for val u ing the

SDRs based on a weighted av er age of ex change rates for the cur ren cies of se lected mem ber

coun tries. The U.S. SDR hold ings and al lo ca tions are val ued on this ba sis be gin ning July

1974.

 Note.—An nual bal ance sheets for fis cal 1934 through 1940 ap peared in the 1940 “An nual

Re port of the Sec re tary of the Trea sury” and those for suc ceed ing years ap peared in sub se -

quent re ports through 1980. Quar terly bal ance sheets be gin ning with De cem ber 31, 1938,

have been pub lished in the “Trea sury Bul le tin.” Data from in cep tion to Sep tem ber 30, 1978,

may be found on the state ments pub lished in the Jan u ary 1979 “Trea sury Bul le tin.”

TA BLE ESF-2.—In come and Ex pense

[In thou sands of dol lars. Source: Of fice of the As sis tant Sec re tary of the Trea sury for Man age ment]
TRUST FUNDS 117

TA BLE TF-10.—Air port and Air way Trust Fund

Re sults of Op er a tions, Fis cal 2000*

*Note.—Data was not avail able at the time of pub li ca tion.
118 TRUST FUNDS

IN TRO DUC TION: Ura nium En rich ment

De con tam i na tion and De com mis sioning Fund

The Ura nium En rich ment De con tam i na tion and De commis sioning Fund was es tab lished on the books of Trea sury in

fis cal 1993, ac cord ing to pro vi sions of the En ergy Pol icy Act of 

1992 (42 United States Code 2297g). Re ceipts rep re sent (1)

fees col lected from do mes tic pub lic util i ties based on their pro

rata share of pur chases of sep a ra tive work units from the De -

part ment of En ergy (DOE) and (2) ap pro pri a tions to ward the

Gov ern ment con tri bu tion based on the bal ance of sep a ra tive

work unit pur chases.

Ex pen di tures from the fund are for the pur pose of (1) de -

con tam i na tion and de com mis sion ing of the three gas eous dif -

fu sion plants, (2) re me dial ac tions and re lated en vi ron men tal

res to ra tion costs at the gas eous dif fu sion plants and (3) re im -

burse ment to ura nium/tho rium pro duc ers for the costs of de -

con tam i na tion, de com mis sion ing, rec la ma tion and re me dial

ac tion of ura nium/tho rium sites that are in ci dent to sales to the

U.S. Gov ern ment. Amounts avail able in the fund ex ceed ing

cur rent needs may be in vested by the Sec re tary of the Trea sury

in ob li ga tions of the United States (1) hav ing ma tu ri ties con -

gru ent with the needs of the fund and (2) bear ing in ter est at

rates de ter mined ap pro pri ate, tak ing into con sid er ation the cur -

rent av er age mar ket yield on out stand ing mar ket able ob li ga -

tions of the United States with re main ing pe ri ods to ma tu rity

com pa ra ble to these in vest ments.

The Sec re tary of the Trea sury is re quired by 42 United

States Code 2297g(b)(1) to pro vide an an nual re port to Con -

gress, af ter con sul ta tion with the Sec re tary of En ergy. This re -

port must pres ent the fi nan cial con di tion and the re sults of

op er a tions of the fund dur ing the pre ced ing fis cal year.

The En ergy Pol icy Act of 1992 (42 United States Code

2297g-l, as amended) au tho rizes fund ing to en sure an nual de -

pos its to the fund of $488.3 mil lion be fore ad just ments for in -

fla tion. The Act stip u lates that the Government de posit $338.3

mil lion, ad justed for in fla tion, an nu ally. The Act also calls for

de pos its of $150 mil lion from do mes tic pub lic util ity as sess -

ments. Be tween the fis cal years of 1993 and 2000, the to tal

Gov ern ment con tri bu tion amount au tho rized by the Act was

$2,844.0 million. Dur ing that time span, the Gov ern ment con -

trib uted only $2,283.6 mil lion to the fund. The re sult ing short -

fall in au tho rized Gov ern ment con tri bu tions is, there fore,

$560.4 mil lion.

Bal ance Oct. 1, 1999 ................................................................................................... .. $298

Re ceipts:

Fees col lected ................................................................................................... ...... 594,760,328

Pen alties col lected ................................................................................................... .. 8,899 

In ter est on in vest ments.................................................................................................. 124,080,159

To tal re ceipts................................................................................................... ..... 718,849,386

Out lays:

DOE, de con tam i na tion and de com mis sion ing ac tiv i ties ......................................................................... 243,083,215

Cost of in vest ments .................................................................................................... 475,766,391

To tal out lays ................................................................................................... ..... 718,849,606

Bal ance Sept. 30, 2000 ................................................................................................... $78

TA BLE TF-11.—Ura nium En rich ment De con tam i na tion and De com mis sioning Fund

Re sults of Op er a tions, Fis cal 2000

[Source: DOE]

TA BLE TF-11.—Ura nium En rich ment De con tam i na tion and De com mis sioning Fund

Ex pected Con di tion and Re sults of Op er a tions, Fis cal 2001-2005

[In thou sands of dol lars. Source: DOE]

 2001 2002 2003 2004 2005

Bal ance Oct. 1 .............................................. 1 1 1 1 1

Re ceipts:

Fees col lected ............................................. 600,720 605,509 610,425 615,472 620,652

In ter est col lected ........................................... 154,406 180,949 202,037 224,474 234,729

To tal re ceipts ............................................. 755,126 786,458 812,462 839,946 855,381

Out lays:

DOE, de con tam i na tion and de com mis sion ing fund................. 274,000 277,300 407,967 409,567 658,667

Costs of in vest ments ........................................ 481,126 509,158 404,495 430,379 196,714

To tal out lays ............................................. 755,126 786,458 812,462 839,946 855,381

Bal ance Sept. 30 ............................................. 1 1 1 1 1
TRUST FUNDS 119

IN TRO DUC TION: Black Lung Dis abil ity Trust Fund

The Black Lung Dis abil ity Trust Fund was es tab lished on

the books of the Trea sury in fis cal 1978 ac cord ing to the Black

Lung Ben e fits Rev e nue Act of 1977 (Pub lic Law 95-227). The 

Black Lung Ben e fits Rev e nue Act of 1981 (Pub lic Law

97-119) reestablished the fund in the In ter nal Rev e nue Code

(IRC), 26 United States Code 9501.

The Con sol i dated Om ni bus Bud get Rec on cil i a tion Act of

1985 (Pub lic Law 99-272), en acted April 7, 1986, pro vided for 

an in crease in the coal tax ef fec tive April 1, 1986, through De -

cem ber 31, 1995, and a 5-year for give ness of in ter est ret ro ac -

tive to Oc to ber 1, 1985. The 5-year mor a to rium on in ter est

pay ments ended on Sep tem ber 30, 1990. Pay ment of in ter est

on ad vances re sumed in fis cal 1991. The Om ni bus Bud get

Rec on cil i a tion Act of 1987 (Pub lic Law 100-203, title X,

section 10503), signed De cem ber 22, 1987, ex tends the tem -

po rary in crease in the coal tax through De cem ber 31, 2013.

The Code des ig nates the fol low ing re ceipts to be ap pro -

pri ated and trans ferred from the gen eral fund of the Trea sury

to the trust fund: ex cise taxes on mined coal; tax able ex pen di -

tures of self-dealing by, and ex cess con tri bu tions to, pri vate

black lung ben e fit trusts; re im burse ments by re spon si ble mine

op er a tors; and re lated fines, pen al ties and in ter est charges.

Es ti mates made by the Sec re tary of the Trea sury de ter -

mine monthly trans fers of amounts for ex cise taxes to the trust

fund sub ject to ad just ments in later trans fers to ac tual tax re -

ceipts.

Af ter re tire ment of the cur rent in debt ed ness, amounts

avail able in the fund ex ceed ing cur rent ex pen di ture re quire -

ments will be in vested by the Sec re tary of the Trea sury in in -

ter est-bearing pub lic debt se cu ri ties. Any in ter est earned will

be cred ited to the fund. Also cred ited, if nec es sary, will be re -

pay able ad vances from the gen eral fund to meet out lay re -

quire ments ex ceed ing avail able rev e nues.

To carry out the pro gram, amounts are made avail able to

the De part ment of La bor (DOL). Also charged to the fund are

ad min is tra tive ex penses in curred by the De part ment of Health 

and Hu man Ser vices ( HHS) and the Trea sury, re pay ments of

ad vances from the gen eral fund and in ter est on ad vances.

The Code re quires the Sec re tary of the Trea sury to sub mit 

an an nual re port to Con gress af ter con sul ta tion with the Sec re -

tary of La bor and the Sec re tary of HHS [26 United States Code 

9602(a)]. The re port must pres ent the fi nan cial con di tion and

re sults of op er a tions of the fund dur ing the past fis cal year and

the ex pected con di tion and op er a tions of the fund dur ing the

next 5 fis cal years.

TA BLE TF-12.—Black Lung Dis abil ity Trust Fund

Re sults of Op er a tions, Fis cal 2000

[Source: DOL]

Bal ance Oct. 1, 1999 ................................................................................................... . . $20,083,189

Re ceipts:

Ex cise taxes ( transfered from gen eral fund):

$1.10 tax on un der ground coal .......................................................................................... 114,361,000

$0.55 tax on sur face coal............................................................................................... 129,570,000

4.4 per cent tax on un der ground coal...................................................................................... 194,084,000

4.4 per cent tax on sur face coal .......................................................................................... 80,452,000

Fi nes, pen al ties and in ter est ............................................................................................ 1,772,769

Col lec tion—re spon si ble mine op er a tors ................................................................................... 5,546,024

Re cov ery of prior year funds ............................................................................................ 131,000

Re pay able ad vances from the gen eral fund ................................................................................ 490,000,000

To tal re ceipts ................................................................................................... ... 1,015,916,793

Net re ceipts ................................................................................................... .... 1,015,916,793

Out lays:

Trea sury ad min is tra tive ex penses ......................................................................................... 48,962

Sal aries and ex penses—DOL—de part men tal man age ment ..................................................................... 20,783,000

Sal aries and ex penses—DOL—Of fice of In spec tor Gen eral ..................................................................... 312,000

Sal aries and ex penses—DOL—Em ploy ment Stan dards Ad min is tra tion ............................................................ 28,676,000

To tal out lays ................................................................................................... ..... 49,819,962

Ex penses:

Pro gram ex penses—DOL................................................................................................ 422,656,178

In ter est on re pay able ad vances ........................................................................................... 541,117,143

To tal ex penses ................................................................................................... ... 963,773,321

Bal ance Sept. 30, 2000 ................................................................................................... 22,406,699

Cu mu la tive debt, end of year............................................................................................... $6,748,556,899
120 TRUST FUNDS

TA BLE TF-12.—Black Lung Dis abil ity Trust Fund, con.

Ex pected Con di tion and Re sults of Op er a tions, Fis cal 2001-2005

[In thou sands of dol lars. Source: DOL]

 2001 2002 2003 2004 2005

Bal ance Oct. 1 ............................................... 22,407 - - - -

Re ceipts:

Ex cise taxes............................................... 555,000 569,000 582,000 596,000 609,000

Ad vances from the gen eral fund................................ 471,000 468,000 472,000 476,000 477,000

Fi nes, pen al ties and in ter est...................................

2,000 2,000 2,000 2,000 2,000

To tal re ceipts............................................. 1,028,000 1,039,000 1,056,000 1,074,000 1,088,000

Out lays:

Ben e fit pay ments ........................................... 407,343 389,183 377,344 365,333 350,244

Ad min is tra tive ex penses...................................... 52,657 54,817 56,656 58,667 60,756

In ter est on re pay able ad vances ................................ 568,000 595,000 622,000 650,000 677,000

To tal out lays ............................................. 1,028,000 1,039,000 1,056,000 1,074,000 1,088,000

Bal ance Sept. 30 ............................................. - - - - -

Cu mu la tive debt, end of year.................................... 7,219,557 7,687,557 8,159,557 8,635,557 9,112,557

Note.—De tail may not add to to tals due to round ing.
TRUST FUNDS 121

IN TRO DUC TION: Har bor Main te nance Trust Fund

The Har bor Main te nance Trust Fund was es tab lished on

the books of the Trea sury on April 1, 1987, ac cord ing to the

Wa ter Re sources De vel op ment Act of 1986 (Pub lic Law

99-662, No vem ber 17, 1986) (26 United States Code 9505).

Amounts in the Har bor Main te nance Trust Fund are avail -

able as pro vided by ap pro pri a tion acts for mak ing ex pen di -

tures to carry out sec tion 210(a) of the Wa ter Re sources

De vel op ment Act of 1986. The ap pro pri a tions act forthe De -

part ment of Trans por ta tion ( DOT) for fis cal 1995 (Pub lic

Law 103-331, Sep tem ber 28, 1994), sec tion 339, waived col -

lec tion of charges or tolls on the Saint Law rence Sea way in ac -

cor dance with sec tion 13(b) of the Act of May 13, 1954 (as in

ef fect on April 1, 1987). Leg is la tion was passed in the North

Amer i can Free Trade Agree ment Im ple men ta tion Act (Pub lic

Law 103-182, section 683), which amends para graph (3) of

sec tion 9505(c) of the IRC of 1986, to au tho rize pay ment of up

to $5 mil lion an nu ally to Trea sury for all ex penses of ad min is -

tra tion in curred by the Trea sury, the U.S. Army Corps of En gi -

neers and the De part ment of Com merce (Com merce) re lated

to the ad min is tra tion of subchapter A of chap ter 36 (re lat ing to

har bor main te nance tax). Sec tion 201 of the Wa ter Re sources

De vel op ment Act of 1996 (Pub lic Law 104-303) au tho rizes

use of the Har bor Main te nance Trust Fund for con struc tion of

dredged ma te rial dis posal fa cil i ties as so ci ated with the op er ation and main te nance of Fed eral nav i ga tion pro jects for com -

mer cial nav i ga tion. 

A sum mary judg ment is sued Oc to ber 25, 1995, by the

United States Court of In ter na tional Trade in the case United

States Shoe Corp. v. United States (Court No. 94-11-00668)

found the Har bor Main te nance fee un con sti tu tional un der the

Ex port Clause of the Con sti tu tion (Ar ti cle I, section 9, clause

5) and en joined the Cus toms Ser vice from col lect ing the fee. 

The de ci sion was af firmed by the Su preme Court on

March 31, 1998 (118 Su preme Court 1290). With the tax on

ex ports no lon ger col lected, rev e nues have been re duced by

ap prox i mately 30 per cent.

The Code re quires the Sec re tary of the Trea sury to sub mit

an an nual re port to Con gress [26 United States Code 9602(a)].

The re port must pres ent the fi nan cial con di tion and re sults of

op er a tions of the fund dur ing the past fis cal year and the ex -

pected con di tion and op er a tions of the fund dur ing the next 5

fis cal years.

TA BLE TF-13.—Har bor Main te nance Trust Fund

Re sults of Op er a tions, Fis cal 2000

[Source: In thousands of dollars. De part ment of the Army Corps of En gi neers]

Bal ance Oct. 1, 1999 1 ................................................................................................... . $1,608,957

Re ceipts:

Ex cise taxes:

Im ports................................................................................................... .......... 558,607

Ex ports................................................................................................... .......... -20,035

Do mes tic ........................................................................................................... 51,553

Pas sen gers ................................................................................................... ...... 2,543

Zones ad mis sions ................................................................................................... . 84,921

In ter est on in vest ments ................................................................................................ 82,965

To tal re ceipts ................................................................................................... ... 760,554

Ex penses:

Corps of En gi neers ................................................................................................... . . 686,898

Saint Law rence Sea way De vel op ment Cor po ra tion/DOT ........................................................................ 11,971

Trea sury ad min is tra tive cost .............................................................................................. 3,000

Op er ating ex penses, mis cel la neous re turns..................................................................................

- 

To tal ex penses ................................................................................................... ... 701,869

Bal ance Sept. 30, 2000 ................................................................................................... $1,667,642
122 TRUST FUNDS

TA BLE TF-13.—Har bor Main te nance Trust Fund, con.

Ex pected Con di tion and Re sults of Op er a tions, Fis cal 2001-2005 2

[In mil lions of dol lars. Source: De part ment of the Army Corps of En gi neers]

2001 2002 2003 2004 2005

Bal ance Oct. 1 ............................................... 1,668.0 - - - -

Re ceipts:

Har bor main te nance fee...................................... - - - - -

In ter est on in vest ments ...................................... - - - - -

To tal re ceipts............................................. - - - - -

Out lays:

Har bor Main te nance Trust Fund, leg is la tive pro posal 

not sub ject to paygo ....................................... 1,668.0 - - - -

Corps of En gi neers op er a tion, main te nance 

and ad min is tra tive ex penses................................. - - - - -

Corps of En gi neers con struc tion ............................... - - - - -

Saint Law rence Sea way De vel op ment Cor po ra tion/DOT ............ - - - - -

Ad min is tra tive ex penses for Trea sury (Cus toms Ser vice) ............

- - - - -

To tal out lays ............................................. 1,668.0 - - - -

Bal ance Sept. 30 ............................................. - - - - -

1

 The source for fis cal 2000 be gin ning and end ing bal ance is from the Bu reau of the Pub lic

Debt, Of fice of Pub lic Debt Ac count ing, Di vi sion of Fed eral In vest ments, Trust Fund Man age -

ment Branch. 

2

Outyear pro jec tions are for plan ning pur poses and are based on eco nomic con di tions and

agen cies’ best pro jec tions of rev e nues and ex pen di tures.
TRUST FUNDS 123

TA BLE TF-14.—Haz ard ous Sub stance Superfund

Re sults of Op er a tions. Fis cal 2000*

*Note.—Data was not avail able at the time of pub li ca tion.
124

TA BLE TF-15.—High way Trust Fund

Re sults of Op er a tions, Fis cal 2000*

TA BLE TF-15A.—High way Trust Fund*

*Note.—Data was not avail able at the time of pub li ca tion.

*Note.—Data was not avail able at the time of pub li ca tion.
TRUST FUNDS 125

TA BLE TF-16.—In land Wa ter ways Trust Fund

Re sults of Op er a tions, Fis cal 2000

[Source: De part ment of the Army Corps of En gi neers]

IN TRO DUC TION: In land Wa ter ways Trust Fund

The In land Wa ter ways Trust Fund was es tab lished by the

Trea sury in fis cal 1984, pur su ant to sec tion 203 of the In land

Wa ter ways Rev e nue Act of 1978 (Pub lic Law 95-502) and

con tin ued pur su ant to sec tion 1405 of the Wa ter Re sources

De vel op ment Act of 1986 (Pub lic Law 99-662, cod i fied at 26

United States Code 9506). Un der 26 United States Code

9506(b), amounts from taxes on fuel used in com mer cial trans -

por ta tion on in land wa ter ways, as de ter mined by the Sec re tary

of the Trea sury, are ap pro pri ated to the trust fund.

The Tech ni cal and Mis cel la neous Rev e nue Act of 1988

(Pub lic Law 100-647, ap proved No vem ber 10, 1988) in -

creased the tax each year, 1990 through 1995. These amounts

are trans ferred quar terly from the gen eral fund based on es ti -

mates made by the Sec re tary, sub ject to ad just ments in later

trans fers to the amounts of ac tual tax re ceipts.

The Sec re tary of the Trea sury in vests in in ter est-bearing

ob li ga tions of the United States that por tion of the trust fund,

in his judg ment, not re quired to meet cur rent with draw als. The 

in ter est on, and pro ceeds from, the sale or re demp tion of any

ob li ga tion held in the trust fund is cred ited to the trust fund.

The In land Wa ter ways Rev e nue Act of 1978 (Pub lic Law

95-502) pro vides that amounts in the trust fund shall be avail -

able as pro vided, by ap pro pri a tions acts, for con struc tion and

re ha bil i ta tion ex pen di tures for nav i ga tion on the in land and

intracoastal wa ter ways of the United States de scribed in 33

United States Code 1804. Ex pen di tures must be oth er wise au -

tho rized by law.

An nual re ports to Con gress are re quired by 26 United

States Code 9602(a) to be sub mit ted by the Sec re tary of the

Trea sury. These re ports are re quired to cover the fi nan cial

con di tion and the re sults of op er a tions of the fund dur ing the

past fis cal year and its ex pected con di tion and op er a tions dur -

ing the next 5 fis cal years.

 2001 2002 2003 2004 2005

Bal ance Oct. 1 .............................................. 387.8 415.8 486.8 511.8 527.8

Re ceipts:

Fuel taxes/revenues......................................... 108.0 109.0 111.0 112.0 114.0

In ter est on in vest ments ...................................... 23.0 26.0 29.0 31.0 32.0

To tal re ceipts............................................. 131.0 135.0 140.0 143.0 146.0

Trans fers:

Corps of En gi neers.......................................... 103.0 64.0 115.0 127.0 115.0

Bal ance Sept. 30 ............................................. 415.8 486.8 511.8 527.8 558.8

Bal ance Oct. 1, 1999 1 ................................................................................................... . $370,600,000

Re ceipts:

Fuel taxes/revenues ................................................................................................... . 99,600,000

In ter est on in vest ments .................................................................................................. 20,000,000

To tal re ceipts................................................................................................... ..... 119,600,000

Trans fers:

Corps of En gi neers ................................................................................................... . . 102,400,000

Bal ance Sept. 30, 2000 ................................................................................................... $387,800,000

1

 The source for fis cal 2000 be gin ning and end ing bal ance is from the Bu reau of the Pub lic

Debt, Of fice of Pub lic Debt Ac count ing, Di vi sion of Federal In vest ments, Trust Fund Man agement Branch.

2 Outyear pro jec tions are based on eco nomic con di tions and agen cies’ best pro jec tions of rev -

e nues and ex pen di tures. 

Ex pected Con di tion and Re sults of Op er a tions

Fis cal 2001-2005 2

[In mil lions of dol lars. Source: De part ment of the Army Corps of En gi neers]
126 TRUST FUNDS

TA BLE TF-17.—Leaking Un der ground Stor age Tank Trust Fund

Re sults of Op er a tions, Fis cal 2000*

*Note.—Data was not avail able at the time of pub li ca tion.
TRUST FUNDS 127

IN TRO DUC TION: Nu clear Waste Fund

The Nu clear Waste Fund was es tab lished on the books of

the Trea sury in fis cal 1983, ac cord ing to sec tion 302 of the Nu -

clear Waste Pol icy Act of 1982 [Pub lic Law 97-425, cod i fied

at 42 United States Code 10222(c)]. Re ceipts rep re sent fees

col lected from pub lic util i ties based on elec tric ity gen er ated

by nu clear power re ac tors and spent nu clear fuel. Ex pen di -

tures from the fund are for pur poses of ra dio ac tive waste dis -

posal ac tiv i ties.

Amounts avail able in the fund ex ceed ing cur rent needs

may be in vested by the Sec re tary of the Trea sury in ob li ga tions 

of the United States (1) hav ing ma tu ri ties in tan dem with the

needs of the waste fund and (2) bear ing in ter est at rates de ter -

mined ap pro pri ate, tak ing into con sid er ation the cur rent av er -

age mar ket yield on out stand ing mar ket able ob li ga tions of the

United States with re main ing pe ri ods to ma tu rity com pa ra ble

to the ma tu ri ties of such in vest ments, ex cept that the in ter est

rate on such in vest ments shall not ex ceed the av er age in ter est

rate ap pli ca ble to ex ist ing borrowings.

An an nual re port to Con gress by the Sec re tary of Trea -

sury, af ter con sul ta tion with the Sec re tary of the De part ment

of En ergy (DOE), is re quired by 42 United States Code

10222(e)(1). This re port must pres ent the fi nan cial con di tion

and the re sults of op er a tions of the waste fund dur ing the pre -

ced ing fis cal year.

TA BLE TF-18.—Nu clear Waste Fund

Re sults of Op er a tions, Fis cal 2000

[Source: DOE]

Bal ance Oct. 1, 1999 ................................................................................................... . . $1,145,354

Re ceipts:

Fees col lected................................................................................................... ...... 701,645,045

Pen alties and in ter est on fee pay ments ..................................................................................... -

In ter est on in vest ments..................................................................................................

883,215,008

To tal re ceipts................................................................................................... ..... 1,584,860,053

Nonexpenditure trans fers:

SF-1151 trans fers in (+) ................................................................................................. 227,423,413

SF-1151 trans fers out (-)................................................................................................. 245,173,413

Net nonexpenditure trans fers ........................................................................................... -17,750,000

Out lays:

DOE ra dio ac tive waste dis posal ac tiv i ties ................................................................................... 268,037,685

Cost of in vest ments ................................................................................................... . 1,294,855,212

To tal out lays ................................................................................................... ..... 1,562,892,897

Bal ance Sept. 30, 2000 ................................................................................................... $5,362,510
128 TRUST FUNDS

IN TRO DUC TION: Re for es ta tion Trust Fund

The Re for es ta tion Trust Fund was es tab lished on the

books of the Trea sury in fis cal 1981 to con tinue through Sep -

tem ber 30, 1985, ac cord ing to pro vi sions of Title III—Re for -

es ta tion, of the Rec re ational Boating Safety and Fa cil ities

Im prove ment Act of 1980 [Pub lic Law 96-451, cod i fied at 16

United States Code 1606a(a)].

The act pro vides that the Sec re tary of the Trea sury shall

trans fer to the trust fund tar iffs, lim ited to not more than $30

mil lion for any fis cal year, re ceived in the Trea sury from Oc to -

ber 1, 1979, through Sep tem ber 30, 1985, on (1) rough and pri -

mary wood prod ucts and wood waste; (2) lum ber, floor ing and 

mold ings; and (3) wood ve neers, ply wood, other

wood-veneer as sem blies and build ing boards. Pub lic Law

99-190, ti tle II, 99 Stat utes at Large 1245, ex tended the re -

ceipts for the trust fund. Amounts avail able in the re for es ta tion 

trust fund ex ceed ing cur rent with draw als are in vested in in terest-bearing ob li ga tions of the United States or in ob li ga tions

guar an teed as to both prin ci pal and in ter est by the United

States. The in ter est on, and the pro ceeds from the sale or re -

demp tion of, any ob li ga tions are cred ited to the trust fund.

The Sec re tary of the De part ment of Ag ri cul ture is au tho -

rized to ob li gate avail able sums in the trust fund (in clud ing

any amounts not ob li gated in pre vi ous years) for (1) re for es ta -

tion and tim ber stand im prove ment and (2) ad min is tra tive

costs of the Gov ern ment for these ac tiv i ties.

An nual re ports are re quired by 16 United States Code

1606a(c) (1) to be sub mit ted by the Sec re tary of the Trea sury,

af ter con sul ta tion with the Sec re tary of Ag ri cul ture, on the finan cial con di tion and the re sults of the op er a tions of the trust

fund dur ing the past fis cal year and on its ex pected con di tion

and op er a tions dur ing the next fis cal year.

TA BLE TF-19.—Re for es ta tion Trust Fund

Re sults of Op er a tions, Fis cal 2000

[Source: De part ment of Ag ri cul ture]

Bal ance Oct. 1, 1999 ................................................................................................... . . $8,265,582

Re ceipts:

Ex cise taxes (tar iffs) ................................................................................................... . 30,000,000

Re demp tion of in vest ment ............................................................................................... 245,212

To tal re ceipts........................................................................................................ 30,245,212

Ex penses:

Ex pen di ture................................................................................................... ........ 13,200,284

To tal ex penses ................................................................................................... ... 13,200,284

Ad just ment .................................................................................................... ......... -

Bal ance Sept. 30, 2000 ................................................................................................... $25,310,510

TA BLE TF-19.—Re for es ta tion Trust Fund

Ex pected Con di tion and Re sults of Op er a tions, Fis cal 2001

[In thou sands of dol lars. Source: De part ment of Ag ri cul ture]

Bal ance Oct. 1 ................................................................................................... ....... $25,311

Re ceipts:

Ex cise taxes (tar iffs) ................................................................................................... . 30,000

Re demp tion of in vest ment............................................................................................... 240

To tal re ceipts................................................................................................... ..... 30,240

Out lays ................................................................................................... ............. 30,000

Bal ance Sept. 30 ................................................................................................... ..... $25,551
TRUST FUNDS 129

 

 Receipts

Expenses

 (In bil lions of dol lars)

CHARTS TF-D and E.—Ma jor Trust Funds

Re ceipts and

Ex penses,

Fis cal 2000

[Data depicted in these charts are derived from the Trust Fund tables, which are provided by various

Government agencies. See tables TF-10, TF-12, TF-14, TF-15 and TF-18 .]

0

30 0

60 0

90 0

120 0

150 0

180 0

Airpo rt

and

Airwa y

Tru st Fun d

Ha za rd ou s

Su bs ta nc e

Superfun d

Nuclea r

Was te

Fun d

Highwa y

Trus t Fu nd

In ter est on

In vest ments,

Fis cal 1999-2000

 

 

 1999 2000

 (In millions of dollars) 

0

5

10

15

20

25

30

35

40

Highway

Trust Fund

Airport

and

Airway

Trust Fund

Hazardous

Substance

Superfund

Nuclear

Waste

Fund

Black

Lung

Trust Fund
130 TRUST FUNDS

IN TRO DUC TION: Aquatic Re sources Trust Fund

The Aquatic Re sources Trust Fund was es tab lished on the

books of the Trea sury pur su ant to the Def i cit Re duc tion Act of

1984 [Pub lic Law 98-369, di vi sion A, ti tle X, sec tion 1016(a),

ap proved July 18, 1984]. The fund con sists of two ac counts: the 

Sport Fish Res to ra tion Ac count and Boat Safety Ac count.

Mo tor boat fuel taxes are trans ferred, in amounts up to $70

mil lion per fis cal year, from the High way Trust Fund to the

Boat Safety Ac count. Au thor ity for such trans fers ex pires on

Oc to ber 1, 2003.

Amounts equiv a lent to the ex cise taxes re ceived on sport

fish ing equip ment and im port du ties on fish ing tackle, yachts

and plea sure craft are ap pro pri ated into the Sport Fish Res to ra -

tion Ac count. Mo tor boat fuel taxes not trans ferred to the Boat

Safety Ac count or to the Land and Wa ter Con ser va tion Fund

are trans ferred from the High way Trust Fund to the Sport Fish

Res to ra tion Ac count. Trans fers of mo tor boat fuel taxes from

the High way Trust Fund to the Land and Wa ter Con ser va tion

Fund are lim ited to $1 mil lion per fis cal year. In ad di tion, pur -

su ant to the Om ni bus Bud get Rec on cil i a tion Act of 1990 [Pub -

lic Law 101-508, ti tle XI, sec tion 11211(i)(2) and (3)], small

en gine gas o line taxes are trans ferred to the Sport Fish Res to ra -

tion Ac count.

Amounts in the Sport Fish Res to ra tion Ac count are used,

as pro vided by ap pro pri a tions acts, for the pur poses of car ry ing

out “An Act to pro vide that the United States shall aid the States 

in fish res to ra tion and man age ment pro jects, and for other pur -

poses,” ap proved Au gust 9, 1950 (as in ef fect on the date of en -

act ment of the The Trans por ta tion Eq uity Act for the 21st

Cen tury (TEA-21) Res to ra tion Act), the pur poses of sec tion

7404(d) of the Trans por ta tion Eq uity for the 21st Cen tury (as in 

ef fect on the date of en act ment of the TEA-21 Res to ra tion Act), 

and the Coastal Wet lands Planning, Pro tec tion and Res to ra tion 

Act (as in ef fect on the date of en act ment of the TEA-21 Res to -

ra tion Act).

Amounts in the Boat Safety Ac count, as pro vided by ap -

pro pri a tions acts, are avail able to carry out the pur poses of sec -

tion 13106 of ti tle 46, United States Code (as in ef fect on the

date of en act ment of the TEA-21 Res to ra tion Act).

When the pro vi sions of 26 United States Code 9602(b) are 

met, amounts avail able in the two ac counts ex ceed ing out lay

re quire ments are in vested in pub lic debt se cu ri ties with the in -

ter est cred ited to the re spec tive ac counts.

An nual re ports to Con gress, re quired by 26 United States

Code 9602(a), are sub mit ted by the Sec re tary of the Trea sury.

These re ports are re quired to cover the fi nan cial con di tion and

re sults of op er a tions of the fund dur ing the past fis cal year and

those ex pected dur ing the next 5 fis cal years.

Bal ance Oct. 1, 1999 ................................................................................................... . . $1,140,272,805

Rev e nue:

Tax rev e nue:

Gas, motorboat........................................................................................................ 174,889,000

Fish, equipment ................................................................................................... .... 104,785,000

Electric troll ing sonar................................................................................................... . 2,014,000

Cus toms/im port duties .................................................................................................. 33,911,134

Gas, motorboat, small engines ............................................................................................ 60,447,000

To tal, tax revenue ................................................................................................... ... 376,046,134

In vest ment rev e nue:

In ter est on investments.................................................................................................. 63,465,872

Loss on sale of se cu ri ties ................................................................................................ -883

To tal, in vest ment revenue .............................................................................................. 63,464,989

To tal revenue........................................................................................................ 439,511,123

Nonexpenditure trans fers:

Trans fer to the De part ment of In te rior....................................................................................... 687,121,512

Trans fer to U.S. Coast Guard ............................................................................................. 110,606,984

Trans fer to Corps of En gi neers ............................................................................................ 235,662,367

To tal nonexpenditure trans fers .......................................................................................... 1,033,390,863

Bal ance Sept. 30, 2000 ................................................................................................... $546,393,065

TA BLE TF-20.—Aquatic Re sources Trust Fund, Sport Fish Res to ra tion

Re sults of Op er a tions, Fis cal 2000

[Source: Fi nan cial Man age ment Ser vice (FMS)]
TRUST FUNDS 131

TA BLE TF-20.—Aquatic Re sources Trust Fund, Boat Safety

Re sults of Op er a tions, Fis cal 2000

[Source: FMS]

Bal ance Oct. 1, 1999 ................................................................................................... . . $74,838,164

Rev e nue:

In vest ment rev e nue:

In ter est on in vest ments.................................................................................................. 3,637,764

Loss on sale of se cu ri ties ................................................................................................ -883

To tal in vest ment revenue ................................................................................................

3,636,881

To tal rev e nue................................................................................................... ..... 3,636,881

Nonexpenditure trans fers:

U.S. Coast Guard ................................................................................................... ... 1,533,810

To tal nonexpenditure trans fers .......................................................................................... 1,533,810

Bal ance Sept. 30, 2000 ................................................................................................... $76,941,234

 Note—The ex pected con di tion and re sults of op er a tions for fis cal 2001 through 2005 were not 

avail able at the time of pub li ca tion.
132 TRUST FUNDS

IN TRO DUC TION: Oil Spill Li a bil ity Trust Fund

The Oil Spill Li a bil ity Trust Fund was es tab lished on the

books of the Trea sury by sec tion 8033 of the Om ni bus Bud get

Rec on cil i a tion Act of 1986 (Pub lic Law 99-509). It was made

ef fec tive on Jan u ary 1, 1990, by sec tion 7811(m)(3) of the Om -

ni bus Bud get Rec on cil i a tion Act of 1989 (Pub lic Law

101-239) and amended by sec tion 9001of the Oil Pol lu tion Act 

of 1990 (Pub lic Law 101-380).

Amounts equiv a lent to the taxes re ceived from the en vi -

ron men tal tax on pe tro leum, but only to the ex tent of the Oil

Spill Li a bil ity Trust Fund rate, are ap pro pri ated to the fund.

The tax is not ap plied dur ing any cal en dar quar ter if the Sec re -

tary of the Trea sury es ti mates that, as of the close of the pre ced -

ing cal en dar quar ter, the unobligated bal ance in the fund

ex ceeds $1 bil lion.

Cer tain amounts were trans ferred from other funds and

were ap pro pri ated to the Oil Spill Li a bil ity Trust Fund as pro -

vided by 26 United States Code 9509(b). Cer tain paid pen al ties 

and amounts re cov ered for dam ages are also ap pro pri ated to

the fund.

Amounts in the fund are avail able for oil spill cleanup

costs and cer tain other re lated pur poses as pro vided by ap pro -

pri a tions acts or sec tion 6002(b) of the Oil Pol lu tion Act of

1990 (Pub lic Law 101-380).

When the pro vi sions of 26 United States Code 9602(b) are 

met, amounts avail able in the fund ex ceed ing out lay re quire -

ments are in vested in pub lic debt se cu ri ties. In ter est is cred ited

to the fund. 

An nual re ports to Con gress, re quired by 26 United States

Code 9602(a), are sub mit ted by the Sec re tary of the Trea sury.

These re ports are re quired to cover the fi nan cial con di tion and

re sults of op er a tions of the fund dur ing the past fis cal year and

those ex pected dur ing the next 5 fis cal years.

TA BLE TF-21.—Oil Spill Li a bil ity Trust Fund

Re sults of Op er a tions, Fis cal 2000

[Source: FMS]

Bal ance Oct. 1, 1999 ................................................................................................... . . $1,027,784,314

Rev e nue:

Tax on crude oil/pe tro leum prod ucts........................................................................................ 5,000

Trans-Alaska Pipe line li a bil ity fund deposit................................................................................... 181,846,967

Cost re cov er ies ................................................................................................... ..... 6,645,108

Fi nes and pen al ties................................................................................................... . . 33,461,537

To tal rev e nue be fore interest............................................................................................ 221,958,612

In ter est on in vest ments.................................................................................................. 62,131,373

Re al ized loss................................................................................................... .......

-77,896

To tal in vest ment revenue .............................................................................................. 62,053,477

To tal rev e nue................................................................................................... ..... 284,012,089

Expenditures:

Trea sury ad min is tra tive ex pense - Bu reau of Pub lic Debt ....................................................................... 2,141

Nonexpenditure trans fers:

Trans fer to Denalia Commission........................................................................................... 5,475,967

Trans fer to the De part ment of the In te rior.................................................................................... 6,118,000

Trans fer to En vi ron men tal Pro tec tion Agency ................................................................................ 14,974,400

Trans fer to De part ment of Transportation.................................................................................... 5,479,000

Trans fer to U.S. Coast Guard .............................................................................................

285,778,840

To tal nonexpenditures trans fers ......................................................................................... 317,826,207

To tal ex pen di ture/nonexpenditure trans fers ................................................................................ 317,828,348

Bal ance Sept. 30, 2000 ................................................................................................... $993,968,055

 Note.— The ex pected con di tion and re sults of op er a tions for fis cal 2001 through 2005 were

not avail able at the time of pub li ca tion.
TRUST FUNDS 133

IN TRO DUC TION: Vac cine In jury Com pen sa tion Trust Fund

The Vac cine In jury Com pen sa tion Trust Fund was cre ated 

on the books of the Trea sury by sec tion 9202 of the Rev e nue

Act of 1987 (Pub lic Law 100-203, ap proved De cem ber 22,

1987). Ex cise taxes on diph the ria, per tus sis and tet a nus; diph -

the ria, tet a nus; mea sles, mumps and ru bella; and po lio vac -

cines (26 United States Code 4131) are ap pro pri ated into the

fund, which is a source of funds to pay claims for com pen sa tion 

for vac cine-related in jury or death oc cur ring af ter Oc to ber 1,

1988. 

An nual re ports to Con gress, re quired by 26 United States

Code 9602(a), are sub mit ted by the Sec re tary of the Trea sury.

These re ports are re quired to cover the fi nan cial con di tion and

re sults of op er a tions of the fund dur ing the past fis cal year and

those ex pected dur ing the next 5 fis cal years.

TA BLE TF-22.—Vac cine In jury Com pen sa tion Trust Fund

Re sults of Op er a tions, Fis cal 2000

[Source: FMS]

Bal ance Oct. 1, 1999 ................................................................................................... . . $1,455,899,015

Re ceipts:

Ex cise tax re ceipts ................................................................................................... . . 127,379,500

In ter est on in vest ments..................................................................................................

74,836,515

To tal re ceipts................................................................................................... ..... 202,216,015

Out lays:

U.S. Claims Court ex pense............................................................................................... 3,413,122

U.S. De part ment of Jus tice expense .......................................................................................

4,378,463

To tal out lays ................................................................................................... ..... 7,791,586

Nonexpenditure trans fers:

Trans fer to Health Resources .............................................................................................. 62,548,437

To tal out lays/transfers ................................................................................................... . 70,340,022

Bal ance Sept. 30, 2000 ................................................................................................... $1,587,775,007

 Note.— The ex pected con di tion and re sults of op er a tions for fis cal 2001 through 2005 were

not avail able at the time of pub li ca tion.
134 TRUST FUNDS

TA BLE TF-23.— Na tional Rec re ational Trails Trust Fund*

*Note.—Sec tion 9011 of the Trans por ta tion Eq uity Act for the 21st Cen tury,

Pub lic Law 105-178, re pealed the Na tional Rec re ational Trails Trust Fund.
Re search Pa per Se ries

Avail able through the Of fice of the As sis tant Sec re tary for Eco nomic Pol icy

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990.

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and

John S. Greenlees. December 1990.

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees and Kimberly

D. Zieschang. August 1990.

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert

Gillingham and John S. Greenlees . February 1991.

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991.

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992.

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992.

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992.

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.”

Michael Cayton. February 1993.

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham and John S. Greenlees.

April 1993.

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham and John

S. Greenlees. Revised April 1995.

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan , Robert

Gillingham and John S. Greenlees . November 1995.

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan,

Robert Gillingham and John S. Greenlees . January 1997.

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John Navratil. 

December 1997.

Copies may be ob tained by writ ing to:

 Ann Bailey, De part ment of the Trea sury

1500 Penn syl va nia Ave., NW., Room 4422

Wash ing ton, D.C. 20220

Tele phone (202) 622-2010, or fax (202) 622-1294 or 622-2563.

TECH NI CAL PA PERS 135
With Ref er ences to Ap pli ca ble Sec tions and Ta bles

Ac crued dis count (SBN-1, -2, -3)—In ter est that ac cu mu lates

on sav ings bonds from the date of pur chase un til the date of re -

demp tion or fi nal ma tu rity, which ever co mes first. Se ries A, B, 

C, D, E, EE, F, I and J are dis count or ac crual type

bonds—mean ing prin ci pal and in ter est are paid when bonds

are re deemed. Se ries G, H, HH and K are cur rent-income

bonds, and the semi an nual in ter est paid to their hold ers is not

in cluded in ac crued dis count.

Amounts out stand ing and in cir cu la tion (USCC)— In -

cludes all is sues by the Bu reau of the Mint pur posely in tended

as a me dium of ex change. Coins sold by the Bu reau of the Mint 

at pre mium prices are ex cluded; how ever, uncirculated coin

sets sold at face value plus han dling charge are in cluded.

Av er age dis count rate (PDO-2, -3)—In Trea sury bill auc -

tions, pur chas ers ten der com pet i tive bids on a dis count rate ba -

sis. The av er age dis count rate is the weighted, or ad justed,

av er age of all bids ac cepted in the auc tion.

Bud get au thor ity (“Fed eral Fis cal Op er a tions”)—Con -

gress passes laws giv ing bud get au thor ity to Gov ern ment en ti -

ties, which gives the agen cies the power to spend Fed eral

funds. Con gress can stip u late var i ous cri te ria for the spend ing

of these funds. For ex am ple, Con gress can stip u late that a

given agency must spend within a spe cific year, num ber of

years, or any time in the fu ture.

 The ba sic forms of bud get au thor ity are ap pro pri a tions, au -

thor ity to bor row, con tract au thor ity, and au thor ity to ob li gate

and ex pend off set ting re ceipts and col lec tions. The pe riod of

time dur ing which Con gress makes funds avail able may be

spec i fied as 1-year, mul ti ple-year or no-year. The avail able

amount may be clas si fied as ei ther def i nite or in def i nite; a spe -

cific amount or an un spec i fied amount can be made avail able.

Au thor ity also may be clas si fied as cur rent or per ma nent. Per -

ma nent au thor ity re quires no cur rent ac tion by Con gress.

Bud get def i cit—The to tal, cu mu la tive amount by which bud -

get out lays (spend ing) ex ceed bud get re ceipts (in come).

Cash man age ment bills (PDO-2)—Mar ket able Trea sury

bills of ir reg u lar ma tu rity lengths, sold pe ri od i cally to fund

short-term cash needs of Trea sury. Their sale, hav ing higher

min i mum and mul ti ple pur chase re quire ments than those of

other is sues, is gen er ally re stricted to com pet i tive bid ders.

Com pet i tive ten ders (“Trea sury Fi nancing Op er a -

tions”)—A bid to pur chase a stated amount of one is sue of

Trea sury se cu ri ties at a spec i fied yield or dis count. The bid is

ac cepted if it is within the range ac cepted in the auc tion. (See

Non com pet i tive ten ders.)

Cou pon is sue—The is sue of bonds or notes (pub lic debt).

Cur rency no lon ger is sued (USCC)—Old and new se ries

gold and sil ver cer tif i cates, Fed eral Re serve notes, na tional

bank notes and 1890 Se ries Trea sury notes.

Cur rent in come bonds (“U.S. Sav ings Bonds and

Notes”)—Bonds pay ing semi an nual in ter est to hold ers. In ter -

est is not in cluded in ac crued dis count.

Debt out stand ing sub ject to lim i ta tion (FD-6)—The debt

in curred by the Trea sury sub ject to the stat u tory limit set by

Con gress. Un til World War I, a spe cific amount of debt was

au tho rized to each sep a rate se cu rity is sue. Be gin ning with the

Sec ond Lib erty Loan Act of 1917, the na ture of the lim i ta tion

was mod i fied un til, in 1941, it de vel oped into an over all limit

on the out stand ing Fed eral debt. As of December 2000, the

debt limit was $5,950,000 mil lion; the limit may change from

year to year.

 The debt sub ject to lim i ta tion in cludes most of Trea sury’s

pub lic debt ex cept se cu ri ties is sued to the Fed eral Fi nancing

Bank, upon which there is a lim i ta tion of $15 bil lion, and cer -

tain cat e go ries of older debt (to tal ing ap prox i mately $595 million as of Feb ru ary 1991).

Dis count—The in ter est de ducted in ad vance when pur chas -

ing notes or bonds. (See Ac crued dis count.)

Dis count rate (PDO-2)—The dif fer ence be tween par value

and the ac tual pur chase price paid, an nu al ized over a 360-day

year. Be cause this rate is less than the ac tual yield (cou -

pon-equivalent rate), the yield should be used in any com par i -

son with cou pon is sue se cu ri ties.

Dol lar coins (USCC)—In clude stan dard sil ver and nonsilver

coins.

Do mes tic se ries (FD-2)—Non mar ket able, in ter est and

non-interest-bearing se cu ri ties is sued pe ri od i cally by Trea -

sury to the Res o lu tion Funding Cor po ra tion (RFC) for in vestment of funds au tho rized un der sec tion 21B of the Fed eral

Home Loan Bank Act (12 United States Code 1441b).

Fed eral intrafund trans ac tions (“Fed eral Fis cal Op er ations”)—Intrabudgetary trans ac tions in which pay ments and

re ceipts both oc cur within the same Fed eral fund group (Fed -

eral funds or trust funds). 

Fed eral Re serve notes (USCC)—Is sues by the U.S. Gov ern -

ment to the pub lic through the Fed eral Re serve Banks and

their mem ber banks. They rep re sent money owed by the Gov -

ern ment to the pub lic. Cur rently, the item “Fed eral Re serve

notes—amounts out stand ing” con sists of new se ries is sues.

The Fed eral Re serve note is the only class of cur rency cur -

rently is sued.

For eign (“For eign Cur rency Po si tions,” IFS-2, -3)—Lo cations other than those in cluded un der the def i ni tion of the

United States. (See United States.)

For eigner (“Cap i tal Move ments,” IFS-2)—All in sti tu tions

and in di vid u als liv ing out side the United States, in clud ing

U.S. cit i zens liv ing abroad, and branches, sub sid iar ies, and

other af fil i ates abroad of U.S. banks and busi ness con cerns;

cen tral gov ern ments, cen tral banks, and other of fi cial in sti tu -

tions of coun tries other than the United States; and in ter na -

tional and re gional or ga ni za tions, wher ever lo cated. Also

re fers to per sons in the United States to the ex tent that they are

known by re port ing in sti tu tions to be act ing for for eign ers.

For eign of fi cial in sti tu tions (“Cap i tal Move ments”)—In -

cludes cen tral gov ern ments of for eign coun tries, in clud ing all

136

Glos sary

Source: Fi nan cial Man age ment Ser vice
de part ments and agen cies of na tional gov ern ments; cen tral

banks, ex change au thor i ties, and all fis cal agents of for eign

na tional gov ern ments that un der take ac tiv i ties sim i lar to those

of a trea sury, cen tral bank, or sta bi li za tion fund; dip lo matic

and con sular es tab lish ments of for eign na tional gov ern ments;

and any in ter na tional or re gional or ga ni za tion, in clud ing sub -

or di nate and af fil i ate agen cies, cre ated by treaty or con ven tion

be tween sov er eign states.

For eign pub lic bor rower (“Cap i tal Move ments”)—In -

cludes for eign of fi cial in sti tu tions, as de fined above, the cor -

po ra tions and agen cies of for eign cen tral gov ern ments,

in clud ing de vel op ment banks and in sti tu tions, and other agen -

cies that are ma jor ity-owned by the cen tral gov ern ment or its

de part ments; and state pro vin cial and lo cal gov ern ments of

for eign coun tries and their de part ments and agen cies.

For eign-targeted is sue (PDO-1, -3)—For eign-targeted is -

sues were notes sold be tween Oc to ber 1984 and Feb ru ary

1986 to for eign in sti tu tions, for eign branches of U.S. in sti tu -

tions, for eign cen tral banks or mon e tary au thor i ties, or to in -

ter na tional or ga ni za tions in which the United States held

mem ber ship. Sold as com pan ion is sues, they could be con -

verted to do mes tic (nor mal) Trea sury notes with the same ma -

tu rity and in ter est rates. In ter est was paid an nu ally.

Frac tional coins (USCC)—Coins minted in de nom i na tions

of 50, 25, and 10 cents, and mi nor coins (5 cents and 1 cent).

Gov ern ment ac count se ries (FD-2)—Cer tain trust fund stat -

utes re quire the Sec re tary of the Trea sury to ap ply mon ies held

by these funds to ward the is su ance of non mar ket able spe cial

se cu ri ties. These se cu ri ties are sold di rectly by Trea sury to a

spe cific Gov ern ment agency, trust fund or ac count. Their rate

is based on an av er age of mar ket yields on out stand ing Trea -

sury ob li ga tions, and they may be re deemed at the op tion of

the holder. Roughly 80 per cent of these are is sued to five hold -

ers: the Fed eral Old-age and Sur vi vors In sur ance Trust Fund;

the civil ser vice re tire ment and dis abil ity fund; the Fed eral

Hos pi tal In sur ance Trust Fund; the mil i tary re tire ment fund;

and the Un em ploy ment Trust Fund.

Interfund trans ac tions (“Fed eral Fis cal Op er a -

tions”)—Trans ac tions in which pay ments are made from one

fund group (ei ther Fed eral funds or trust funds) to a re ceipt ac -

count in an other group.

In ter na tional Mon e tary Fund (“Ex change Sta bi li za tion

Fund,” IFS-1)—(IMF) Es tab lished by the United Na tions,

the IMF pro motes in ter na tional trade, sta bil ity of ex change

and mon e tary co op er a tion. Mem bers are al lowed to draw from 

the fund.

Intrabudgetary trans ac tions (“Fed eral Fis cal Op er a -

tions”)—These oc cur when pay ment and re ceipt both oc cur

within the bud get, or when pay ment is made from off-budget

Fed eral en ti ties whose bud get au thor ity and out lays are ex -

cluded from the bud get to tals.

Ma tured non-interest-bearing debt (SBN-1, -2, -3)—The

value of out stand ing sav ings bonds and notes that have

reached fi nal ma tu rity and no lon ger earn in ter est. In cludes all

Se ries A-D, F, G, I, J and K bonds. Se ries E bonds (is sued be -

tween May 1941 and No vem ber 1965), Se ries EE (is sued

since Jan u ary 1980), Se ries H (is sued from June 1952 through

De cem ber 1979), and sav ings notes is sued be tween May 1967

and Oc to ber 1970 have a fi nal ma tu rity of 30 years. Se ries HH

bonds (is sued since Jan u ary 1980) ma ture af ter 20 years.

Non com pet i tive ten ders (“Trea sury Fi nancing Op er ations”)—Of fers by an in ves tor to pur chase Trea sury se cu ri -

ties at the price equiv a lent to the weighted av er age dis count

rate or yield of ac cepted com pet i tive ten ders in a Trea sury auc -

tion. Non com pet i tive ten ders are al ways ac cepted in full.

Off-budget Fed eral en ti ties (“Fed eral Fis cal Op er ations”)—Fed erally owned and con trolled en ti ties w hose

trans ac tions are ex cluded from the bud get to tals un der pro visions of law. Their re ceipts, out lays, and sur plus or def i cit are

not in cluded in bud get re ceipts, out lays or def i cits. Their bud -

get au thor ity is not in cluded in to tals of the bud get.

Out lays (“Fed eral Fis cal Op er a tions”)—Pay ments on ob li -

ga tions in the form of cash, checks, the is su ance of bonds or

notes, or the ma tur ing of in ter est cou pons.

Own for eign of fices (“Cap i tal Move ments”)—Re fers to

U.S. re port ing in sti tu tions’ par ent or ga ni za tions, branches

and/or ma jor ity-owned sub sid iar ies lo cated out side the

United States.

Par value—The face value of bonds or notes, in clud ing in ter -

est.

Quar terly fi nanc ing (“Trea sury Fi nancing Op er ations”)—Trea sury has his tor i cally of fered pack ages of sev -

eral “cou pon” se cu rity is sues on the 15th of Feb ru ary, May,

Au gust and No vem ber, or on the next work ing day. These is -

sues cur rently con sist of a 3-year note, a 10-year note and a

30-year bond. Trea sury some times of fers ad di tional amounts

of out stand ing long-term notes or bonds, rather than sell ing

new se cu rity is sues. (See Re opening.)

Re ceipts (“Fed eral Fis cal Op er a tions”)— Funds col lected

from sell ing land, cap i tal or ser vices, as well as col lec tions

from the pub lic (bud get re ceipts), such as taxes, fines, du ties

and fees.

Re opening (PDO-3, -4)—The of fer for sale of ad di tional

amounts of out stand ing is sues, rather than an en tirely new is -

sue. A re opened is sue will al ways have the same ma tu rity date, 

CUSIP-number and in ter est rate as the orig i nal is sue.

Spe cial draw ing rights (“Ex change Sta bi li za tion Fund,”

IFS-1)—In ter na tional as sets cre ated by IMF that serve to in -

crease in ter na tional li quid ity and pro vide ad di tional in ter national re serves. SDRs may be pur chased and sold among

el i gi ble hold ers through IMF. (See IMF.)

 SDR al lo ca tions are the coun ter part to SDRs is sued by IMF

based on mem bers’ quo tas in IMF. Al though shown in

Exchange Stabilization Fund (ESF) state ments as li a bil i ties,

they must be re deemed by ESF only in the event of liq ui da tion

of, or U.S. with drawal from, the SDR de part ment of IMF or

can cel la tion of SDRs.

 SDR cer tif i cates are is sued to the Fed eral Re serve Sys tem

against SDRs when SDRs are le gal ized as money. Pro ceeds of

mon e ti za tion are de pos ited into an ESF ac count at the Fed eral

Re serve Bank of New York.

Spot (“For eign Cur rency Po si tions”)—Due for re ceipt or

de liv ery within 2 work days.

State and lo cal gov ern ment se ries (FD-2)—(SLUGs) Spe -

cial non mar ket able cer tif i cates, notes and bonds of fered to

137

Glos sary
State and lo cal gov ern ments as a means to in vest pro ceeds

from their own tax-exempt fi nanc ing. In ter est rates and ma tu -

ri ties com ply with IRS ar bi trage pro vi sions. SLUGs are of -

fered in both time de posit and de mand de posit forms. Time

de posit cer tif i cates have ma tu ri ties of up to 1 year. Notes ma -

ture in 1 to 10 years and bonds ma ture in more than 10 years.

De mand de posit se cu ri ties are 1-day cer tif i cates rolled over

with a rate ad just ment daily.

Stat u tory debt limit (FD-6)—By Act of Con gress there is a

limit, ei ther tem po rary or per ma nent, on the amount of pub lic

debt that may be out stand ing. When this limit is reached, Trea -

sury may not sell new debt is sues un til Con gress in creases or

ex tends the limit. For a de tailed list ing of changes in the limit

since 1941, see the Bud get of the United States Gov ern ment.

(See debt out stand ing sub ject to lim i ta tion.)

STRIPS (PDO-1, -3)—Sep a rate Trading of Reg is tered In ter -

est and Prin ci pal Se cu ri ties. Long-term notes and bonds may

be di vided into prin ci pal and in ter est-paying com po nents,

which may be trans ferred and sold in amounts as small as

$1,000. STRIPS are sold at auc tion at a min i mum par amount,

vary ing for each is sue. The amount is an arith me tic func tion of 

the is sue’s in ter est rate.

Trea sury bills—The short est term Fed eral se cu rity (ma tu rity

dates nor mally vary ing from 3 to 12 months), they are sold at a

dis count.

Trust fund trans ac tion (“Fed eral Fis cal Op er ations”)—An intrabudgetary trans ac tion in which both pay -

ments and re ceipts oc cur within the same trust fund group.

United States—In cludes the 50 States, Dis trict of Co lum bia,

Com mon wealth of Puerto Rico, Amer i can Sa moa, Mid way

Is land, Vir gin Is lands, Wake Is land and all other ter ri to ries and 

pos ses sions.

U.S. notes (USCC)— Le gal ten der notes of five dif fer ent is -

sues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863

($5-$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10

notes).

138

Glos sary